Redknapp has already used up £2million of his estimated £5million pre-season budget on defender Dejan Stefanovic and with the Republic of Ireland midfielder most likely to cost close to what he has left in the kitty, a bid for the player is unlikely.
"I like Steven Reid, he's a player with a big future," said the Pompey boss.
"He'd cost £2 million and I don't know if we could afford that sort of money. If we could, I'd love to get him."