Redknapp recently accused the midfielder of being "three stone overweight" - an allegation Taarabt rubbished in the British press.
Chairman Tony Fernandes described the saga as an "embarrassment" in a statement released last week, and Redknapp now appears to have opened the door for Taarabt to make a return to the first-team fold.
"He can still play a part in the future if he gets himself fit," he is quoted as telling Sky Sports following QPR's 2-0 Premier League win over Aston Villa on Monday. "All I ask people to do every day is come in, train, be thankful for being a professional footballer and work hard.
"God gave him a fantastic talent, I just hope he doesn't waste it. If he's fit and ready to play, he's a great talent.
"He's working hard this week, he's working with the fitness coaches and we've got a game [on Tuesday] for the reserves [at home to Swansea City] and him and one or two of the lads will get a game.
"That's all I want him to do - get himself fit to run like the boys [who played on Monday]."
QPR make the short trip to Premier League leaders Chelsea on Saturday.
