Midfielder Palacios has not played for Tottenham this season and is not in Redknapp's plans as he intends to complete a move for West Ham's Scott Parker before the transfer window closes on Wednesday night.
Stoke chairman Peter Coates confirmed the Potters were in discussions with Tottenham last week and the Honduras international looks set to move to the Britannia stadium.
"Wilson Palacios is having a medical at Stoke," Redknapp said after Sunday's 5-1 defeat to Manchester City.
Peter Crouch has also been linked with a move to the Potters, but Redknapp does not want to see the striker leave.
"I don't know what the latest situation is with Crouchy," he said. "People say we want to sell Crouch to Stoke and it's in the papers every day. Crouchy has to play under that. It's very difficult. As far as I know he is staying."
Parker's move to White Hart Lane is likely to move a step closer if Palacios moves on to the Britannia Stadium. The England midfielder appears to have played his last game for the Hammers after being left out of the squad for West Ham's win at Nottingham Forest.
Manager Sam Allardyce had said after the win: "We will certainly miss a player of Parker's quality, and we want him with us if the negotiation doesn't go through.
"Whether the deal is achievable yet, I'm not sure. I've had lots of conversations with the chairman, but the most important thing was this game. If he does actually leave, I need to replace him immediately. I don't expect any other player to leave before Wednesday.
"I'm more interested in strengthening the squad, we need numbers. We need to add a few more players. The 17 I've got are very good but we need a few more."