The former manager can understand Klopp's desire to escape the pressure of the dugout as he knows the toll that the job can take.
Redknapp told the i newspaper: "When you're earning that money, everyone says 'Oh your life is amazing.'
"He just obviously feels he needs a break. You wouldn't believe it looking at him. I watched him the other night when they won at Fulham, that big smile was there, he was loving it still. But underneath you don't know. Pep (Guardiola) did it, he took a year off and came back. He'll come back and every club in the world will want him."
The former Tottenham boss thinks that the relentless news cycle surrounding football has put additional strain on managers - particularly at the top clubs.
Redknapp said: "There's just no escape anymore, social media, TV. When I first started, the only interviews you did was a couple of papers who would stand in the tunnel.
"Then suddenly Sky comes in, there's press conferences after games, someone's sticking a microphone under your nose as soon as you came off the pitch, you've had a bad day and the last thing you want to do is be asked questions. But that is the job now."
Redknapp has now settled into life away from the sport but counts himself fortunate to have spent his life in a game that he is so passionate about.
He said: "I loved it. I loved the managing, the being involved in football all my life.
"I grew up as a little boy loving football, going every week to football with my dad. So to spend my whole life in the game, it's just been a dream for me. I wouldn't have swapped it for anything. I met so many nice people. I've been very lucky."