The ad, created by online betting company Sky Bet and agency Us, broke this morning at 6.30am during 'Good Morning Sports Fans' on Sky Sports 1.
Production has been handled by Love Hate and media buying by Sky Media.
The ad is part of a series of executions to promote Sky's online betting service and fantasy football competition, which allows registered consumers to win up to £25,000.
The work features Redknapp attempting to paint a portrait of his pet pitbull. He produces an unhappy picture of the dog before giving up and saying, "Take up a hobby they said. So I did. I'm a football manager."
The scene is followed by a push to a dedicated side, www.skysports.com/fantasyfootball, while a voiceover says, "Ladies and gentlemen, Harry’s back! Managing a team of Sky Sports fantasy football. Join him and select up to two teams for free."
The ads run across Sky sports programmes and channels, supported by digital and social media activity. The remaining executions in the series are expected to feature Redknapp’s wife.
Redknapp's pitbull became front page news earlier this year during his court case for tax evasion charges, for which he was acquitted. The manager said he had deposited money in the name of his dog, Rosie.
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