After the sacking of Mark Hughes, the former Tottenham manager penned a two-and-a-half-year deal at Loftus Road and will be in the Old Trafford stands on Saturday to watch his team take on Manchester United.
The 65-year-old faces a mountain to climb with the R's rooted to the foot of the Premier League on four points and winless after 12 games.
Asked if he could repeat his managerial heroics in October 2008 when he helped Spurs avoid the drop, Redknapp told Sky Sports News: "It would be great and I would love to do it.
"I haven't come here to be relegated. It's up to the players. They are the ones who play. They have got to be better than they've done so far.
"They had a good manager in Mark Hughes - he's top class. But maybe they might click into gear and get us some points and get us out of this mess.
"It's a massive challenge. It's a good club, they have good fans and the people who run the club seem fantastic people. I'm looking forward to working for them and if I can pull it off it would be great."
Redknapp returns to football after a five-month absence having lost out to Roy Hodgson for the England job and being dismissed from his role at Tottenham.
With the second leakiest defence and the worst scoring record in the top-flight, Redknapp clearly has his work cut out.
"The results have not gone well," admitted the former Portsmouth and Southampton boss who begins work with training on Sunday and Monday.
"I'm sure it was amazing to Mark - nobody could have worked harder. But the buck stops with the players. When the players do well, I'm the first to praise them.
"But when they are not doing it - and at the moment they are not - they need to up their performance level and start us getting some results."