Redknapp has been looking to improve his squad as Spurs prepare for their first ever Champions League campaign, and they have been widely linked with a move for Young.
However, Redknapp says his understanding is that Young, 25, is not for sale and as such he has not made serious efforts to sign him.
"There's no truth in that one," he said. "He's a good player and if he's available then we'd be interested, I suppose - most clubs would be - but at the moment I think he's not on the market. Aston Villa want to keep him so the fact is, until they want to sell him, there's nothing you can do."
Villa are said to be planning to offer Young a new contract to ward off interest from other clubs, but sources close to the player have indicated he wants to see who replaces Martin O'Neill at Villa Park before deciding whether to stay.
Redknapp also confirmed Spurs are still interested in Manchester City forward Craig Bellamy, who is surplus to requirements at Eastlands, but he admits Roberto Mancini may be reluctant to allow him to join their top-four rivals.
"I think we tried to get him but they don't want to let him go, and if they don't want to let him go to Tottenham or anywhere else, that is up to them," Redknapp said. "If he is out of their 25-man squad, it means he can't play until Christmas.
"It looks almost certain he will go. He has got to play football. That is ridiculous really. If he is not in their squad, they are not going to want him around. Be honest, you wouldn't want Craig Bellamy sitting around, coming into the dressing room every day when he is not happy.
"He is an outstanding player and if he is available he would certainly be of interest to us."
Redknapp also dismissed rumours Peter Crouch could be sold to raise funds.
"Not a chance. He is not for sale. He is not going anywhere," he said. "I am a big fan of Peter's. I brought him to the club and I have no interest in letting him go."