QPR were demoted to the npower Championship yesterday following a 0-0 draw at Reading, which also saw the Royals drop down to the second tier of English football.
Rangers owner Tony Fernandes announced this morning that he would meet Redknapp to discuss various aspects of the team's future, prompting speculation that Redknapp could leave, but the Malaysian confirmed the 66-year-old former Tottenham boss will stay on as manager.
Fernandes told QPR's website: "I have had a positive meeting with Harry.
"I don't think there was any point where he was thinking of not being with us and continuing this project he has embarked upon with a third of the season through.
Redknapp replaced Mark Hughes as manager last November, but despite yet more investment in the transfer window at the turn of the year, the west London club will be playing at Burnley and Ipswich next season, rather than Manchester United and Chelsea.
Redknapp said: "We're all very sorry with the way this season has ended.
"It's been a disaster really, a really disappointing season for everyone - the owners, the staff, the fans; everyone associated to the club.
"We're going to give it a real good go next season though and hopefully get this club back to where it belongs."