Cole is out of contract in the close-season and has been unable to agree a new deal with the Premier League champions, sparking speculation over a possible free transfer to Tottenham.
But the England star, who was named in his country's 23-man squad for the World Cup on Tuesday, has also been linked with Manchester United and Liverpool and Redknapp is convinced the player already knows where his future lies.
It looks to me someone's going to make a great free transfer, if he doesn't stay at Chelsea," Redknapp, who gave Cole his debut at West Ham, told BBC Radio 5 Live.
"I genuinely don't know who that is. I don't think it's going to be Tottenham.
"I've got a feeling, I may be wrong, that he's already agreed a deal with someone and it's not Tottenham.
"I'm a big fan of Joe's, but the feedback we've had is that he might well have already done something."
Just R20 for the first month. Support independent journalism by subscribing to our digital news package.