The cultured Croat has been out of the frame for the past seven weeks after damaging ligaments in his right ankle.
Now he is on the road to recovery and last week began running outside for the first time since the blow.
In Kranjcar's absence, Nadir Belhadj and Armand Traore have been snapped up on season-long loans.
The duo have formed an impressive partnership down Pompey's left, sparking suggestions he may struggle to get back in the team.
The former Hajduk Split star is expected to return to full training by the end of the month.
And when fully fit, Redknapp is adamant he has a big part to play in Pompey's success.
He said: 'Niko is coming back, hopefully by the back end of the month, which is a big bonus for us.
'He's a top, top player in my opinion and there will always be a role for him in my team, no doubt about that.
'The lad is a cracking footballer. I just have to get him fit and then look at getting him into the team.
'Someone like Niko makes you stronger. He's an international player, a quality performer on the world stage – any manager would want him in their team.
'He can create something out of nothing, come up with a bit of magic that no-one else can.
'There are not many of him around in the Premier League at the moment, that's for sure.
'Obviously, Armand and Nadir have done fantastic down that left for us since they came to the club, but Niko can play in other positions.
'He has played a lot on the left for us but he can also go on the right – he's naturally right-footed – or he could operate behind the front two if you wanted.
'The lad gives us options but first I just want to get him fit and then see what happens.'
Kranjcar has made 72 appearances and scored seven goals following his August 2006 arrival.
After an initial season settling in, he went on to become an automatic Redknapp choice, starting 34-successive matches last season.
He shone in the process – his classy talents the chief attacking threat from midfield – scoring five goals.
But he damaged ligaments while playing for Croatia against Slovenia in August in the World Cup qualifiers.
Now Pompey are hopeful the 24-year-old can be back before November.
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The full article contains 439 words and appears in The News newspaper.