QPR chairman Tony Fernandes said on Monday (local time) that he wanted to set the record straight over the 67-year-old's future after Saturday's 2-0 home defeat by Manchester United left them second-bottom, one point from the safety zone.
"There's been a lot of rumours about Harry's position being under threat, so I thought it was time to end all the speculation so everyone can focus on the challenge ahead," he said on the club's website.
"I firmly believe Harry is the best man to get us out of the position we currently find ourselves in.
"He has great experience and, having spoken to him at length over the last week or so, he is determined to turn this around and help us maintain our Premier League status.
"This is Harry's squad of players, so he is the man to move us forward."
All QPR's 19 points have come at home, with Redknapp's side having lost all 10 of their away matches.
"We know we need to improve our away form and Harry, his coaching staff and the squad will be doing all they can to turn around our fortunes on our travels," Fernandes added.
"It's very tight in the table and we will do our best to strengthen where we can to give us the best possible chance."
Redknapp was appointed boss at Loftus Road in November 2012 with Rangers bottom of the table and although he could not save them from relegation, they won promotion back to the Premier League through the playoffs last season.
