Arsenal have seen turbulent time this term as they were knocked out of the Champions League and sit outside the top four of the Premier League log.
The Gunners are enduring a dismal run having lost five of their last seven games in all competitions.
Wenger’s side were emphatically beaten by Bayern Munich in the Champions League – with the German club storming to a 10-2 victory over two brutal legs.
Arsenal have long been accused of lacking leaders and Redknapp believes the club would benefit from having experienced defender John Terry in the dressing room.
Terry, 36, is expected to leave Stamford Bridge this summer after spending over 20 years in west London.
Speaking on talkSPORT, Redknapp said: ‘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.
‘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.’