The League One outfit have been set a deadline of August 10 by administrator Trevor Birch to have their finances in order or face going out of business.
And ex-Pompey manager Redknapp plans to speak to Nwankwo Kanu, who has lodged a claim for £3million in pay, to see if he can persuade the former Arsenal and Portsmouth striker to compromise with the club.
He told ESPN: "I will be ringing Kanu today to see if there is anything I can do. I signed him for Portsmouth on a one-year contract and Tony Adams told me: 'You must be mad, he is finished'. Six years later, he is still there."
Defender Tal Ben Haim is also owed a similar amount in wages and Redknapp added: "In the case of Tal Ben Haim, if players have a contract and are owed money, you can see why they think they should get it. But if the club closes down they won't get a penny. They need to think hard about that."
Redknapp spent five seasons at Fratton Park between 2002 and 2008, guiding the club to a momentous FA Cup win in 2008.
"Portsmouth has got to be saved. It's a great club with great traditions," the 65-year-old continued, "It would be a disaster if this club went out of business.
"It has great fans to the extent that, if you live in Portsmouth, you are a Portsmouth supporter. If you walk around in that town, you don't see people wearing Manchester United or Arsenal shirts.
"It is soul-destroying to see them in this predicament, and there must be a group of people out there or someone who could take over the club so cheaply and save them.
"I would love to see someone do that. Surely it cannot happen that Portsmouth go out of business. If someone did come in, the club could be resurrected quickly. It wouldn't take a lot to get it going again.
"I remember when Milan came in and bought the club all those years ago, they were looking to lock the gates then and go into administration - but he turned it all around and made it work.
"When he sold the club, it spiralled out of control. Balram Chainrai put a lot of money in, but he must think it is the worst investment he ever made in his life. But now it just needs some people who understand football and who can work with the players."