Redknapp's current crop have spent the best part of this season being compared to the great Spurs teams of the past - most notably the one that triumphed in the FA Cup in 1991, and the team that won the double 30 years before.
An 11-match unbeaten run at the end of 2011 left many tipping Redknapp's squad for silverware, but their season has imploded since February and they have won just one Barclays Premier League game in eight.
They still just hold the advantage in the race for fourth and they now also have a chance of lifting the cup for the first time since 1991, when Paul Gascoigne and Gary Lineker inspired the Londoners to victory over Nottingham Forest after vanquishing Arsenal in the semi-finals.
Since that day Spurs have won two League Cups while Chelsea and Arsenal have dominated the scene in London - with the Blues winning 11 trophies - and Redknapp thinks it is time Tottenham proved they are big hitters again by lifting the FA Cup this season.
"This is a great opportunity for us to go all the way this year," Redknapp said.
"On our day we can beat Chelsea. We can beat anyone.
"There is not a lot between the two teams, but they have the medals to show for it.
"They have been there and done it all in the last few years.
"Tottenham is a club that have won two trophies since 1991 and they were both Carling Cups so it's about time Tottenham won another trophy."
Tottenham's hopes of victory have been dented by an injury crisis, however.
Redknapp revealed this morning that he is likely to have to field Ryan Nelsen and William Gallas at the back after Younes Kaboul joined Michael Dawson on the sidelines after suffering a knee injury.
Ledley King's chronic knee problem means he is unlikely to play after starting against Norwich on Monday while midfielder Niko Kranjcar is also out after suffering a knee injury in midweek.
That Spurs lead Chelsea in the Barclays Premier League is perhaps an indication of a possible power-shift in London and Redknapp thinks the potential is there for his club to continue to better their west London rivals - provided they spend this summer.
"If we want Champions League football again we need to improve the squad again in the summer," the 65-year-old said. "You have to keep improving because everyone else around us will.
"If you want to start winning championships then you really have to push on and raise the bar because that's the only way you are going to do it.
"You just need to keep adding a little bit of quality to your squad.
"We need to bring one or two top quality players in and make us even better."
Having being on the verge of going 13 points clear of Arsenal in February, many Tottenham fans are worried that their campaign is going to end with a whimper, but Redknapp disagrees and claims expectations have risen to astronomical levels since the start of the season.
"People forget where Tottenham should be at times," Redknapp said.
"They have won two Carling Cups since 1991, the average finishing position until four or five years ago was probably about 10th.
"Our form is fantastic.
"We had a bad performance against Norwich, but other than that we played very well and just didn't get the results.
"We were in a fantastic position and ended up losing points and Arsenal have been on a great run and picked up win after win and that's what has changed.
"If we'd come from nowhere and suddenly moved into fourth, we'd all be going, 'great'. But I'd have taken this position at the start of the year for sure."