Balotelli: I'm no bad boy
Bellamy has been deemed surplus to requirements at Manchester City and is considering a return to his home-town, with Cardiff hoping to take the Welshman on loan for the season.
City have ruled out selling Bellamy to a club they consider to be a rival for place in the top four of the Premier League, with Tottenham and Liverpool both interested, but Redknapp has urged the 31-year-old to remain in the top flight.
Redknapp said: "Craig is a Premier League player in my opinion. No disrespect to Cardiff, he should be playing top Premier League football.
"Good luck to Cardiff but it would be a waste of an outstanding player. He should stay in the Premier League, for sure."
Bellamy reportedly trained with Cardiff at the start of the week but is set to return to Manchester City on Tuesday.
Everton are the latest club to join the lengthy list linked with a swoop for Bellamy, despite their inability to match the Wales international's salary at Eastlands.