It had previously been reported that the 27-year-old could be set to depart on loan in the January transfer window, although Alan Pardew has since stated he would not be prepared to allow the defender to leave.
Taylor has been limited to just one appearance so far this season - the opening weekend's 4-0 defeat to Manchester City in which he was sent-off - but Redknapp says that a switch to Loftus Road is not on the cards.
"I've never heard that one and I wouldn't think Newcastle would be too keen to let Steven Taylor leave - I'd be very surprised," he told a press conference.
"It's not something I've discussed with Alan Pardew or anyone.
"We're very strong at the back with Clint Hill, Richard Dunne and Nedum Onuoha and have done very well."