Remy joined Newcastle on a season-long loan in the summer, following QPR's relegation to the Championship.
The France international has performed well on Tyneside and has already hit double figures in the Premier League.
But Redknapp has confirmed that no deal has been agreed with Newcastle for a permanent transfer.
"I don't know what the deal is. You'd think they'd want to snap him up, wouldn't you? If they don't then someone else will," Redknapp told West London Sport.
"For what we got him for, he's probably worth double that now. He's scored goals in the Premier League again this year."
If QPR were promoted then it could be that the door is open for Remy to return to Loftus Road, although Redknapp admits he would rather sell.
"That's all ifs and buts," he said.
"You've got to get there first, and if someone came and offered £15m or £16m for him I'd sell him if it was my choice but it's not, it's down to the chairman."