The 36-year-old has played at the top level throughout his career as he has turned out for the likes of West Ham United, Tottenham, Portsmouth and Sunderland and his wages were thought to be a major stumbling block to any potential move.
Redknapp, who earlier said "the little man is as fit as a fiddle", added: "He's a fantastic player".
"He'll be a real big signing for Glasgow Rangers and I'm sure Stevie [Gerrard] will be delighted to have him". Absolutely. I have been back more times this season than in the last four or five years.
"Steven [Gerrard] has obviously put his authority on the club".
But he said unless a deal is done between the clubs, they would not feature for Rangers until next term.
The Scottish Premiership side's decision to make the move was taken after studying a single-page A4 scouting report on Defoe which had suffered significant coffee damage and the tell-tale marks of a rogue Fuse bar melting onto the Physical Attributes section.
McDonald coming in would suggest that Gerrard is thinking twice about securing Coulibaly permanently from French side Angers.
However, both Jones and Kamara are unlikely to play for Rangers until next season.
"At the moment there's nothing to it [the rumours]".
"I'm not playing football at the minute so we'll see what happens".
"It's something I'd relish and enjoy".
Luckily for him, the SFA are an organisation inept at doing their jobs and BACKED their referee over claims he seen all three incidents but felt they didn't require any follow-up or punishment.
"I woke up on Tuesday and I had loads of texts about Hearts, but I've had no contact with any club in Scotland".
"But we understand they were undergoing medicals today and Rangers are looking to tie them down".
- Kevin Hart is dishing on his Oscar Hosting Controversy with Ellen DeGeneres
- Winning Mega Millions Ticket Sold in NY, Smaller Winners in MD, DE
- Sarri happy after 'difficult' Crystal Palace win
- Dow Falls 660 Points On Apple Bombshell, US Factory Slowdown
- Romney says Trump hasn't 'risen to the mantle' of presidency
- Australia a 'soap opera' and 'I feel like a director' - Langer
- IPhone XS Max catches fire in man's pocket
- Man City end Liverpool's unbeaten run to breathe life into title race
- United Kingdom can ‘turn a corner’ in 2019, says PM
- Trump Gives Weird History Lesson on Afghanistan and Russian Federation