Portsmouth face likely extinction unless high earners like Kanu and Tal Ben Haim agree to leave the club and receive a lower compensation than the claim for £3 million in pay which the Nigerian has lodged at the club. Ben Haim is also owed a similar amount.
"I will be ringing Kanu today to see if there is anything I can do," Redknapp said to ESPN.
"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.
"Portsmouth has got to be saved. It's a great club with great traditions. It would be a disaster if this club went out of business.
"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.
"I remember when Milan [Mandaric] 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," Redknapp added.