Redknapp´s club – Portsmouth – are rated at 5/4 to beat Everton on Saturday.
As he was travelling back from a Champions League fixture in Germany, police searched Redknapp's house – an action that Redknapp says left his wife "petrified".
On his return Redknapp was arrested with four other men as part of an investigation into corruption into football.
At a hastily arranged press conference at Portsmouth foot Redknapp said he was totally baffled as to why he was questioned.
The Pompey manager slammed City of London Police for raiding his home. He believes he was used only to "raise the profile" of the raids.
He said: "I still feel I was only called in because I have a high profile, I add a bit of a profile to the investigation. This has nothing whatsoever to do with me. What an agent does with his player has nothing to do with me."
Redknapp went to Germany to observe a match between Stuttgart and Rangers. When he returned he received a message from Mrs Redknapp telling him their house had been raided.
"I had my wife on the phone leaving hysterical messages that the police had been round at 6am," he said.
"They also raided Peter Storrie and Milan Mandaric. They took a computer away from my house which I bought my wife two years ago. I then got a message to report to Chichester Police Station where I spent a good part of the day.
"The whole crux of the meeting was the fact that an agent had been paid an agent's fee and had paid some of the money to the player. That was the top and bottom of the issue, the player and the football agent. I had a meeting with the players and the staff because I wanted to be completely open with them. This is exactly what it was all about."