The £15million-rated defender has been linked with a host of Premier League clubs, including Tottenham.
Redknapp told The Sun: “I like the player, always have. But I am very happy with my defence.
“Michael Dawson and Ledley King have shown what they are all about by forcing their way into the England squad.
“I have an excellent squad and – I stress – Luka Modric is going to remain a part of it.”