Scholes has not played for England since retiring from international football in 2004 at the age of 29.
But Redknapp admitted: "Let's be honest, you'd love to have Paul Scholes in the Euros this year."
The Manchester United midfielder hung up his boots completely last summer but answered an SOS from Sir Alex Ferguson last month and has seamlessly slotted back into the Red Devils' squad as they look to pip bitter local rivals City to the Barclays Premier League title.
Scholes turned down the opportunity to play at the 2010 World Cup when offered the chance by Fabio Capello - a move he later said he regretted. However, he may now get a crack at another international tournament if, as expected, Redknapp takes over from the Italian as national coach this summer.
"He'd be in your team, he's that good," the Tottenham boss said. "You'd love him to play. He plays like a Spaniard, he can play like (Barcelona's) Xavi and (Andres) Iniesta. He doesn't give the ball away."
A four-man Football Association panel met on Friday to discuss potential successors to Capello, who resigned from his position on Wednesday following the row that has engulfed former captain John Terry.
Terry has been stripped of the armband until his trial over alleged racist comments towards Anton Ferdinand is heard in the summer after Euro 2012 - allegations he denies.
The FA began the process of drawing up a shortlist of potential replacements for Capello on Friday and having turned Spurs from relegation candidates to title-chasers within a little over three years, Redknapp is the clear favourite.
However, despite rising speculation that an announcement might be imminent, Press Association Sport understands that is not the case.
Source: PA
Source: PA