M'Vila has informed Rennes that he wants to leave and the French club expect the 22-year-old to head to the Premier League or Russia if he is sold this month.
Reports in France have claimed that Redknapp will watch M'Vila against Bordeaux on Saturday evening, with QPR rumoured to have offered €9million (£7.4m) as Rennes hold out for €12m (£9.9m).
"We have made enquiries," said Redknapp. "I don't know if he wants to come. I watched him a lot at Spurs. I know all about him. He has had a lot of problems but he is a good player.
"The key is money and where the club is at the moment. They see you at the bottom and probably think, you know... "
Redknapp also confirmed he is interested in Alvaro Negredo, but played down the prospect of making a bid for the Sevilla striker.
The QPR boss joked: "We are in the auction. We will put a bid in.
"You know those auctions where you make a bid but you don't actually want to buy him? We are there.
"I am starting the bidding with a million. Then when it gets up to 15, I might even try to push Daniel Levy [the Spurs chairman] up to 16.
"If he doesn't come back, my god we are in trouble! I like Negredo but we haven't got £15million, that's for sure."