News of the World says the Pompey boss will earn £10.5million over the remainder of his contract after proving his loyalty to the club by turning down a move to Newcastle.
A source close to Redknapp told News of the World: “It didn’t come down purely to cash with Harry. If it did, he would have gone to Newcastle.
“Portsmouth made him feel wanted, they’ve given him a pay rise and he knows there will be money to spend From Back Page during the rest of the transfer window. It was a case of Portsmouth putting their arm round him and making him feel wanted.”
Redknapp said: “This is a club I feel comfortable at. I came back here and everyone treated me fantastically, I’ve got a good relationship with the fans, with the owner and the players I brought here.
“I persuaded them to come to Portsmouth and sold the club to them. And to walk away after that and after the team is doing so well wouldn’t be right.
“I have had a great offer and to be offered it by such a fantastic club like Newcastle was a terrific opportunity for me.
“But in the end I thought I really have no intention of wanting to leave here. I looked at it but my heart is in Portsmouth, it always will be. This is where I’m happy.
“Alex Ferguson is always associated with Manchester United, Arsene Wenger with Arsenal and for many people I’m that way with Portsmouth… and that’s the way it’s going to stay.”
