And as you might expect, speculation is already ripe about who will replace him.
The Sun claims that Spurs chiefs decided to axe Redknapp because they wanted a younger model to replace the 65-year-old: "Redknapp wanted a new long-term deal but was stunned when Levy informed him owner Joe Lewis was after a younger boss — with Wigan's Roberto Martinez rated the No.1 target by White Hart Lane insiders," the paper reports.
The paper adds that "Spurs felt that with the money given to Redknapp, he should have been pushing for the top slot," and suggests that Lewis and Levy "were not thinking how hard done by Tottenham were when qualification rules took away Champions League football in favour of winners Chelsea — they were screaming 'Why didn't we finish second?'"
The Daily Mail also tips Martinez for the job, but claims there is another strong contender on the shortlist: Everton boss David Moyes. Ajax's Frank de Boer and former Chelsea manager Andre Villas-Boas are also thought to be in the running. The Daily Telegraph and Daily Mirror also mention the Toffees boss, claiming that Moyes is the clear front runner at the moment.
On to England news, and The Times reports that Jordan Henderson is the man on standby to replace either Scott Parker or Steven Gerrard in the centre of midfield if (or rather when) one or the other breaks down injured or exhausted.
The Daily Mirror reports that Sweden may have to play without Zlatan Ibrahimovic for their game against England on Friday evening. The team's captain and talisman has been on minimal training as he struggles with a thigh problem.
Over on the continent the papers are full of praise for Germany - and full of gloom for the Netherlands.
"What more could you ask for?" runs the main headline in France's L'Equipe, praising the Germans for their display in beating the Dutch 2-1 on Wednesday night.
Spain's El Mundo concentrates on their beaten opponents: "Holland on the brink", they declare, adding that Germany striker Mario Gomez is already "poised to become the top scorer in the tournament".
Germany's Bild, as you might expect, is even more bullish; "W-U-N-D-E-R-B-A-R!" they spell out in their headline. "The great dream of a European title lives on!"
In other news, Chelsea's new manager Roberto di Matteo appears to have one hand tied behind his back, according to The Times.
Not only does the Italian have a 12-month break clause in his two-year contract, but he will also have all his transfer decisions made for him by Roman Abramovich. The Russian oil tycoon's latest target is apparently Newcastle's French wizard Hatem Ben Arfa.