The npower League One outfit has been set a deadline of 10
And ex-Pompey manager Redknapp plans to speak to Nwankwo Kanu, who has lodged a claim for £3 million ($4.5 million) in pay, to see if he can persuade the former Arsenal and Portsmouth striker to compromise with the club.
He told ESPN: "I will be ringing Kanu today to see if there is anything I can do. I signed him for Portsmouth on a one-year contract and
Redknapp spent five seasons at
"Portsmouth has got to be saved. It's a great club with great traditions," the 65-year-old continued, "It would be a disaster if this club went out of business.
"It has great fans to the extent that, if you live in
"It is soul-destroying to see them in this predicament, and there must be a group of people out there or someone who could take over the club so cheaply and save them.
"I would love to see someone do that. Surely it cannot happen that Portsmouth go out of business. If someone did come in, the club could be resurrected quickly. It wouldn't take a lot to get it going again.
"I remember when Milan came in and bought the club all those years ago, they were looking to lock the gates then and go into administration - but he turned it all around and made it work.
"When he sold the club, it spiralled out of control. Balram Chainrai put a lot of money in, but he must think it is the worst investment he ever made in his life. But now it just needs some people who understand football and who can work with the players."
Portsmouth has named Guy Whittingham as its permanent manager.