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The former Reds midfielder believes that the Stamford Bridge outfit are on the brink of completing a significant coup by signing the RB Leipzig attacker, with the London side having agreed to meet the 24-year-old's release clause, which means he will very likely make a move in the summer.
Liverpool closely followed Werner's progress for a long period but were ultimately satisfied with their options in a difficult financial climate given the coronavirus pandemic, which has seen play halted in the Premier League since mid-March.
Redknapp believes their reticence to compete a ?54 million ($68m) deal might be something they lament in the months and years ahead.
"They have got Hakim Ziyech as well and he looks like a really good signing as well. Frank is building a really good, young side.
"Tammy Abraham has done well up front, but he can play in any of the three front positions. I think it just shows that they are doing good things at Chelsea. Frank has done a great job, especially if they get top four.
"If the deal is done without knowing that Chelsea are going to be in the Champions League, then it shows you that he was very impressed with what Frank and Chelsea are doing right now.
"He will probably look at that Chelsea front line, with Willian and Pedro out of contract this summer, and think that he can be a regular in that team."
That guaranteed first-team football will be a major draw for Werner, Redknapp believes.
"At Liverpool, who is he going to replace? He's a really good player, but we don't know right now, is he better than Sadio Mane, Roberto Firmino, Mohamed Salah?" he said. "It's one of the best front three [attackers] in the world right now so he doesn't want to go somewhere and be a number two or a sub. '
"Will they regret it? You don't know but that is what he has got to do.
"He has got to make Liverpool regret that decision, or at least make them think: 'I wish we had signed him!'"
Werner has scored 25 Bundesliga goals for RB Leipzig this season, laying on a further seven, having played 29 times for the East German side.