Redknapp stepped away from the Premier League strugglers earlier this week, citing troublesome knee injuries that require surgery as the reason for his departure.
Former Tottenham boss Sherwood has subsequently been installed as favourite to take over at Loftus Road.
QPR's director of football Les Ferdinand and caretaker manager Chris Ramsey both worked with Sherwood at White Hart Lane and Redknapp feels that makes the former Blackburn Rovers and Spurs midfielder the ideal candidate to take the reins.
"I think there's every chance Tim will go there, Les is there and Chris Ramsey and they got a chief scout [Ian Broomfield] from Tottenham," Redknapp told BBC Radio 5Live.
"It's set up for Tim, but I'm not sure, [QPR chairman] Tony Fernandes didn't say Tim is coming in, I don't know."
Whoever gets the nod at QPR will be taking over a team that has failed to win their past eight games in all competitions, having also lost all their away games in the league this season.
That run has left the club in the relegation zone, but just one point of safety and Redknapp believes they are well-placed for the new manager to secure safety.
"I hope whoever goes in can keep the team up," he added. "They have some winnable away games coming up but have some tough home games.
"It's the opposite to the first half of the season where we played the easier teams at home."
Redknapp may be 67, but he would not rule out a return to management in the future if his knee troubles ease.
"You never know, it just depends if anything comes up," he said. "I'd have to wait and see if anything came up that was interesting.
"I'd have to look at, whether I get another chance you just don't know."
