The former England international saw his first team appearances being limited after the arrival of Antonio Conte at Stamford Bridge last summer. The centre-back has made only four league starts this term and lack of playing time has seen him being linked with a move away from the west London club in January.
Despite not featuring regularly for Chelsea, the former Juventus and Italy coach suggested that Terry is a "very important" player at the club this term. However, Redknapp is of the belief that the north London club should bring the Blues favourite to the Emirates and says the addition of Terry will strengthen Arsenal.
"If I was the manager of Arsenal, I would take John Terry tomorrow. He would absolutely improve that side. That's what they're short of, they're short of a John Terry – they've got no leaders," Redknapp told talkSPORT.
"I think someone like John would sort a few of them out and get them at it. He'd be worth his weight in gold around the place. There are not many players like him around anymore."
Terry's contract at Stamford Bridge will expire in the summer and talks over a new deal are put on hold until the end of the season. Should Arsenal decide to make an approach for his services, they are likely to face competition for his signature.
West Brom interested in Terry
West Bromwich Albion manager Tony Pulis has expressed his desire in bringing Terry to the Hawthorns, if the defender is made available in the summer.
"I've always thought he was a good player. It (January's enquiry) was just finding out what the situation was and then it was whether we moved on it or we didn't," Pulis explained.
"There was more than one player we enquired about in January. You've mentioned John, but there was most probably three or four others of that ilk that we were enquiring about - and I think enquiry is the word.
"There was no approach made, it was just finding out what the situation was, and the situation was that John wanted to stay at Chelsea. I think he wanted to be there and stay there and be part of going out as a champion.
"If he becomes available in the summer we'll sit down then and have a little think about what we've got and what we haven't got and then we'll take it from there," he added.