The 65-year-old has only made one signing this month, with Marseille striker Loïc Rémy completing a £8m switch to the Premier League’s basement club over a week ago.
The Hoops boss missed out on Rennes midfielder Yann M’Vila, who joined Rubin Kazan on Wednesday, while West Brom have rejected offer for Peter Odemwingie and Jonas Olsson.
And Redknapp is adamant QPR must strengthen their squad in the current transfer window if the west London side are to have any hope of avoiding relegation to the Championship.
“When you’re in a position like we are, you need to strengthen if you can. I didn’t put this squad together, I inherited it,” said Redknapp.
“I still think we can avoid relegation if I can get the players in that I’m aiming for. We’ll give ourselves a real chance if we get them in. I’m sure there’ll be clubs looking to do some business but it’s always difficult.
“This transfer window, I’ve never seen anything like it. It’s like gang warfare out there.”
QPR suffered a humiliating 4-2 loss to MK Dons at Loftus Road in the FA Cup fourth round on Saturday, prompting owner Tony Fernandes to hint that he may quit the club.
The majority shareholder posted on his Twitter account that he would be the “first to go” if QPR couldn’t improve, with growing discontent among the club’s supporters.
However, Redknapp defended his chairman, insisting Fernandes loves QPR and the Malaysian businessman is doing everything possible to turn the Hoops’ fortunes around.
“Tony Fernandes loves this club,” he added. “The club are lucky to have a chairman like him. Nobody is trying harder than him to put things right.”