By FOX Sports Staff
The Gunners are a point ahead of their city rivals and just need a win at Newcastle to seal a fourth-place finish.
Redknapp's former side face Sunderland at White Hart Lane and know that Arsenal's fate is very much in their own hands.
Regardless of the permutations involved, Redknapp is optimistic of the results falling in his former side's favour as he believes three points at Sunderland are pretty much in the bag while Arsenal, who have been inconsistent throughout the season, could stumble at the final hurdle.
"Today [Sunday] we effectively have a North London derby being played on a pitch 280 miles long," Redknapp wrote in his weekly column in the Sun.
"Tottenham and Arsenal's head-to-head for fourth place - and the prize of Champions League football next season - is going to send both managers through the mill and this evening one will be in hell.
"I have a feeling Spurs are going to come out smiling. They will beat Sunderland, I don't think there's any question of that.
"But I think it will be Arsenal manager Arsene Wenger who will be most nervous. His team have to win in my eyes because Spurs will beat an under-strength Sunderland team with no Danny Rose available and no Steven Fletcher.
"I read a report recently trying to convince us that ‘while the other managers hop around like madmen, Wenger sits in his chair calmly studying the situation'- utter rubbish.
"He jumps about as much as any of us and despite his reputation as a professor, his stomach will be in knots, just as mine was last season when Spurs were done out of third place by Arsenal and then out of the Champions League altogether by Chelsea."
The QPR boss, who will be undertaking a trip to Anfield on the day, also gave a poignant re-telling of Spurs' post-season heartbreak last year. Despite finishing in fourth place, they were denied a chance to participate in the Champions League as Chelsea won the competition to secure the final qualification spot.
"I will never forget that night. We had done everything we could. We'd made sure we had finished fourth and claimed that final spot but, of course, it all rested on Chelsea winning the European trophy at Bayern Munich.
"I had no choice but to hope they lost.
"When they won I felt physically sick. I was at the game and afterwards, to get out of the Allianz Arena, I had to walk round the perimeter of the pitch.
"I walked with Ruud Gullit and my son Jamie, unable to really talk. We had to endure a walk from hell, right past the Chelsea fans who had been kept in after the game.
"As one, thousands began chanting ‘Thursday night, Channel 5' in reference to the fact that even though I had got Tottenham into fourth place, Chelsea would take our final Champions League spot as defending champions, despite only finishing sixth in the Premier League.
"We got back to the hotel. I didn't even have a drink with anyone, I couldn't stand it. I was numb. I went straight to my room and straight to bed - but there was no way I was going to sleep that night - it was a nightmare.
"That's what it means to slug it out for the ultimate cash cow in football these days. It's a dream to be in the Champions League - but absolute hell trying to get there.
"Tottenham’s odds on beating Sunderland are pretty short - I am willing to bet that Wenger will be booting a few water bottles around the touchline in Newcastle today."
Both matches involving Arsenal and Tottenham kick off at the same time while Chelsea are also in action with a home fixture against Everton on the final day of the Premier League season.