Redknapp finds himself out of a job halfway through a year which began with his Spurs side riding high in the Premier League table and the media anointing him as England manager elect.
Fabio Capello's resignation saw that speculation intensify, but it also coincided with a major dip in form that saw Spurs relinquish third place in the table to local rivals Arsenal. Chelsea's victory in the Champions League a week later then robbed Spurs of a place in that competition next season.
In the meantime, the FA announced Roy Hodgson as the England boss - and said he was the only candidate they approached.
Redknapp's public airing of his frustration at only having a year left on his deal at Spurs appeared to be the last straw, and chairman Daniel Levy released a statement in the early hours of Thursday morning confirming his departure.
But who will replace Redknapp at White Hart Lane? Here are the bookies' favourites to take the job.
David Moyes (Everton, 11/8)
The favourite to take over from Redknapp. This may not quite be the 'big' job earmarked for the Scotsman, who is touted by many as the ideal man to succeed Alex Ferguson at Old Trafford. However, Moyes has moulded Everton into a constantly competitive outfit despite operating on a very tight budget, and at Spurs he would finally be given significant money to spend.
Roberto Martinez (Wigan Athletic, 10/3)
After being interviewed for the Liverpool vacancy this summer and by Aston Villa a year ago, it is clear that Martinez will leave Wigan for a job at a bigger Premier League club. The Spaniard is a great advocate of passing, possession football, and would surely relish the chance to work with the many talented attacking players on Tottenham's books.
Fabio Capello (unattached, 8/1)
The former England manager said in an interview this week that the national team is still "part of my heart". His tenure in the job was not a success, but it is the only real blip in a hugely successful career which, at club level, few others can rival. At 65, his age may count against him.
Andre Villas-Boas (unattached, 8/1)
AVB arrived at Chelsea last summer as the next big thing in management. He was booted out of Stamford Bridge nine months later after a string of poor results and with his relationship with the players having completely broken down. However, he is still highly-rated in some quarters and his achievements at Porto suggest he still has a lot to offer a club willing to take on such a young coach.
Rafael Benitez (unattached, 10/1)
Benitez has not been in a management job for 18 months, but he has ensured the maintenance of his profile with plenty of media appearances. On his CV there are two Liga titles and a UEFA Cup with Valencia, as well as the Champions League and FA Cup with Liverpool - he also led the Reds to another Champions League final - but Levy may be loath to hand the job to a coach who is notorious for demanding ultimate control over so many different facets of the running of the club.
Juergen Klinsmann (USA, 14/1)
The German's reputation among the Spurs faithful as a player is unimpeachable. His first spell in 1994/95 saw him win the Football Writers' Footballer of the Year award, while his return on loan midway through the 1997-98 campaign saw him score nine goals that helped stave off relegation. Earnt his managerial chops by leading Germany to the semi-finals of the 2006 World Cup, but a subsequent move to Bayern Munich ended in acrimonious failure after less than a year.
Alan Pardew (Newcastle United, 20/1)
The reigning Premier League Manager of the Year is only the second Englishman to win the award, after Redknapp won it two years ago. The former West Ham boss has presided over an exceptional regeneration of the once-ailing Magpies, who were also in the shake-up for a Champions League place as the season drew to a close. Newcastle owner Mike Ashley is unlikely to let Pardew leave unless Spurs offer an absurd amount of compensation, something the equally stubborn Levy is unlikely to countenance.