Redknapp revealed on Tuesday night he expects to complete the reported £8million signing of Remy in the next 24 hours and hopes to capture M'Vila in the next few days, with that deal thought to be worth £7m.
Remy had appeared to be on his way to Newcastle but Rangers have hijacked the deal and the France international underwent a medical and agreed personal terms at Loftus Road on Tuesday.
Redknapp watched M'Vila in action for Rennes against Bordeaux at the weekend and is set to bring the defensive midfielder to West London as he looks to turn Rangers' Premier League fortunes around.
Speaking after QPR's 1-0 FA Cup third round replay win at West Brom, former Tottenham boss Redknapp said: "Remy had a medical today and the personal stuff is all sorted.
"I watched him so many times when I was at Tottenham. The fee then was around about £20million. He's a good buy for us.
"It's all done, all sorted. I didn't think we'd get him. I went to see him at Marseille last week and he wasn't keen but the chairman Tony Fernandes worked ever so hard. He wouldn't give up and the boy decided to come.
"He's quick, a French international, his movement is excellent and he has the potential to be a real star in the Premier League.
"Newcastle United wanted him and Graham Carr (chief scout) doesn't make too many mistakes. Graham's got good judgement."
As regards M'Vila, Redknapp said: "I also liked M'Vila when I was at Tottenham.
"They (Rennes) turned down £28million from an English club for him a year ago. Spurs offered £15million for him in August. The deal looks okay."
He added: "M'Vila's had a few off-the-field problems. If he behaves himself, and plays as we know he can, he'll do well."
M'Vila is currently banned from international duty until June 30, 2014 after he and four team-mates broke a curfew to visit a Parisian nightclub just days before a key game with the Under-21 side, against Norway in the European Championship play-offs in October.
Both the midfielder and Remy are expected to go straight into the Rangers squad for the weekend Premier League clash with West Ham.