Reports had suggested Redknapp was being lined up for a shock return to Upton Park as doubts continue to surround the future of current West Ham manager Sam Allardyce.
Allardyce is out of contract at the end of the season and fresh terms have yet to be agreed, fuelling talk that he could be on his way out of the club.
Redknapp, who played for West Ham and managed them for seven years between 1994 and 2001, has dismissed talk of a return to the club and admits he was "embarrassed" by the rumours.
"I was embarrassed when I read that," said Redknapp.
"They've got a manager. Sam [Allardyce] has done a great job there and is talking about signing a new contract.
"They don't need me."