The Rs are still five points away from safety at the bottom of the table but have seen an improvement in performances since the former Tottenham manager took over the reins at Loftus Road.
And Cottee, who worked under the 65-year-old during their time together at West Ham, claims Redknapp’s hands-on approach will work wonders in west London.
“QPR had to make the change, they needed someone like Harry Redknapp to come in there,” he told the Weekend Sports Breakfast show. “They were going to go down without a doubt.
“Harry Redknapp gives players confidence. He gets on the training field and coaches players. He inspires them.
“QPR have as good a chance as anyone of staying up. I know they’re five points off safety but they’ve got a real chance.
“It will be very interesting to see how Southampton get on now they’ve changed their manager.
“Newcastle are struggling and Aston Villa are awful this year. QPR will fancy their chances of staying up.”
Loic Remy completed an £8million move from Marsille to the Rs last week and Cottee believes the signing of the enigmatic talent could be the spark Rangers need to stay in the top flight.