Redknapp wrote in his column for the Sun that he hopes next year will be as productive as 2011 was in terms of new young talent breaking through in the Barclays Premier League.
He wrote: "There's a lot of great young kids around but for every Phil Jones or Jack Wilshere there are dozens more hot prospects who don't live up to expectations.
"One of the most exciting youngsters causing a stir is a left-sided attacker at Manchester United called Ravel Morrison.
"By all accounts he really is something special.
"But search the internet for details of his career so far and you'll probably come up with more about the lad's ability to get himself into trouble.
"I just hope Morrison sorts himself out because there is nothing worse than seeing great talent wasted."
Redknapp believes the problem with so many young players is they sign a contract with a Premier League club at 17 and "think they've cracked it" without realising the huge commitment, discipline and sacrifices it takes to become a top level footballer.
"All the talk out of United is this 18-year-old wide player [Morrison] is the best young talent to emerge from the club's academy since Paul Scholes, and that really is saying something," Redknapp said.
"But it seems there is a major problem with his attitude. So much so they're not even sure if he they will be giving him a new contract at Old Trafford in the summer.
"He's already had a couple of run-ins with the law and a lot of people at the club are questioning his desire to become a top professional.
"But Alex Ferguson raves about this lad whenever I talk to him. And if anyone can sort Morrison out, then it's Fergie.
"I don't know the kid and he's only made a couple of Carling Cup appearances but I really hope he can sort himself out and fulfil everyone's expectations of him."
Redknapp, who is being tipped to replace England manager Fabio Capello in the summer, also predicts big things from Arsenal midfielder Oxlade-Chamberlain. The 18-year-old signed from Southampton in 2011 and has already made an impression on Gunners fans by scoring twice in his first three games for Arsenal.
Redknapp wrote in the Sun: "I know he's already made quite an impact but I reckon we'll see a lot more of this lad in 2012.
"The comparisons with Theo Walcott are obvious because they both came from Southampton. But Ox has the potential to be even better because he's bigger and stronger than Theo.
"One of his coaches at Southampton even told me he thought he'd end up playing in central midfield.
"Because his dad, Mark, was a top pro in his time, Alex has been brought up the right way and I'm told he's a very level-headed lad.
"I'm sure Fabio Capello is monitoring his progress with an eye to taking him to the Euros."
Oxlade-Chamberlain holds the record for being youngest English goalscorer in UEFA Champions League history.