Liverpool great: If you're having a bad run, you don't want to lose a Merseyside derby.
A win in the Merseyside derby for Brendan Rodgers' side could totally change their season.
The Liverpool boss has been under immense scrutiny after below-par performances from his Liverpool side.
However, the Reds travel to Goodison Park to face Roberto Martinez's Toffees and Redknapp says the Liverpool manager will be under more pressure if he loses the derby.
"This is the sort of the game which can turn your whole season around - and I've played in a few of them myself.
"If Liverpool were to win, all of a sudden the weight of the world is off their shoulders. They can walk around Liverpool with their heads held high. If they lose, the pressure will be immense, not just on the manager, but on the players too.
"Whoever wins could go on a really good run because the place will be absolutely jumping. There's a great feeling after winning a Merseyside derby.
"Liverpool have to think that it could turn their season around, and Everton, from their point of view, will be thinking, 'Let's put another nail in their coffin'.
"That's why it's such a brilliantly poised game. I think it's 50-50. You wouldn't have said that very often over the last 50 years, but if you look at the players Everton have got, you would probably put four or five of those players into a combined XI.
"Romelu Lukaku, Ross Barkley, James McCarthy, Gareth Barry, John Stones… There are a hell of a lot of good players in this Everton side and it's very hard to pick a winner on Sunday.
"Brendan Rodgers will look at this game and think, 'I would take a draw now'. With the pressure he's under, this is the sort of game he really won't want to lose.
"I'm not turning against him because I think he's a good manager. But if you're having a bad run, you don't want to lose a Merseyside derby.
"It means so much to the fans up there. I've won them and I've lost them. The week after, the inquest that goes into it can really kill your confidence.
"But with Pellegrini, Mourinho, Van Gaal and Wenger also under pressure, it feels like every manager's job is in question after seven games. What are we getting to in football? It's becoming a bit of a joke.
"That's why my sympathy lies with Brendan. He's lost Daniel Sturridge to injury, he's lost Suarez, he's lost Sterling and he's lost Gerrard.
"He's had a lot to live with, so I do have a bit of sympathy for him. It's very early to judge Liverpool this season. We've only played seven games and they're five points off Man Utd. Things can change so quickly in football.”