Bale has been made slight favourite after being named as one of seven nominees for the prestigious players' union award. The 21-year-old caught the eye during an oustanding first half of the season, particularly in two Champions League games against Inter Milan in October and November.
A back injury has since limited his impact but Redknapp is convinced he is already deserving of the prize, and said: "Gareth's had an amazing early part of the season, he was in great form. He's picked up a bit of an injury recently but the kid has been absolutely amazing and has got better and better. In all honesty he would be my choice, he deserves it this year."
He added: "He has been the best player this season out of all the players in the country."
Bale was also named on the seven-man shortlist for the PFA Young Player of Year.
Arsenal's Samir Nasri is also in the reckoning for both awards.
The pair are both bidding to become the first players since Andy Gray (1977) and Cristiano Ronaldo (2007) to collect both gongs in the same year.
The other nominees for the main award were Manchester City's Carlos Tevez, Manchester United defender Nemanja Vidic, West Ham midfielder Scott Parker, Blackpool talisman Charlie Adam and Bale's Spurs team-mate Rafael van der Vaart.
Manchester City goalkeeper Joe Hart, Arsenal starlet Jack Wilshere, Everton winger Seamus Coleman and the Manchester United pair of Nani and Javier Hernandez complete the young player list.
Source: PA
Source: PA