The England international impressed during a season-long loan spell at London side Crystal Palace in the 2017-18 season.
Loftus-Cheek has scored two goals and has made three assists in 22 starts and three substitute appearances in the Premier League.
The 22-year-old was named in Gareth Southgate’s England squad for the World Cup after his impressive Premier League campaign.
Loftus-Cheek was a substitute in a 2-1 win over Tunisia before the English midfielder started their final two group games against Panama and Belgium.
His final start in a 2-0 loss to Belgium in the World Cup third-place playoff to get some vital experience under his belt.
Former Liverpool FC captain Redknapp believes Loftus-Cheek is a big talent in the Blues squad.
“He is a real player,” Redknapp told Sky Sports’ The Debate. “He was exceptional at the World Cup.
“He showed a real power and a hunger. When he plays fast, he is real good.”
Chelsea FC finished in fifth spot in the Premier League table last term despite Antonio Conte leading the Blues to title glory in 2016-17.
The west London side appointed Maurizio Sarri as Conte’s successor before the additions of Napoli star Jorginho and England veteran Rob Green.
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