Scholes has not played for England since retiring from international football in 2004 at the age of 29.
The Manchester United midfielder hung up his boots completely last summer but answered an SOS from Sir Alex Ferguson last month and has seamlessly slotted back into the Red Devils' squad as they look to pip bitter local rivals City to the Barclays Premier League title.
Scholes turned down the opportunity to play at the 2010 World Cup when offered the chance by Fabio Capello - a move he later said he regretted.
He may now get a crack at another international tournament with England however, if, as expected Redknapp takes over from the Italian as national coach this summer.
"Let's be honest, you'd love to have Paul Scholes in the Euros this year," the Tottenham boss said.
"He'd be in your team, he's that good. You'd love him to play. He plays like a Spaniard, he can play like (Barcelona's) Xavi and (Andres) Iniesta. He doesn't give the ball away."
A four-man Football Association panel met on Friday to discuss potential successors to Capello, who resigned from his position on Wednesday following the row that has engulfed former captain John Terry.
Terry has been stripped of the armband until his trial over alleged racist comments towards Anton Ferdinand is heard in the summer after Euro 2012 - allegations he denies.
The FA began the process of drawing up a shortlist of potential replacements for Capello on Friday and having turned Spurs from relegation candidates to title-chasers within a little over three years, Redknapp is the clear favourite.
However, despite rising speculation that an announcement might be imminent, Press Association Sport understands that is not the case.
As they stressed on Thursday, the FA want to take their time to ensure they get the right man.
Internal discussions will continue this week but with Stuart Pearce already confirmed as interim manager for the friendly with Holland at Wembley on February 29, official duties would not have to begin until the end of the season anyway.
That would certainly be beneficial in any recruitment out of the Premier League, where every place is vital, even if it is only for financial reasons.
The FA are anxious to stress no individuals, representatives or clubs have been contacted as yet, and there are no immediate plans to do so.
It would still be a major surprise if Redknapp was not the first choice though.
And, should he take over, it appears that he will appoint either Spurs midfielder Scott Parker, or Liverpool captain Gerrard as national skipper.
"Scotty could do it for sure, so could Steven Gerrard," Redknapp said.
"Scotty is a fantastic boy, he's a family man, he loves his football, he trains well, he plays well, he gets on with the job, he's not a minute's problem.
"He's not a Billy big-time. He's just a great boy and that's what you need in your football club if you're going to do anything."