The 70-year-old was contacted by Way after making comments in the media regarding his wish to help a young manager after departing Birmingham City.
Agreeing to offer advice and guidance to the Town boss as and when his pre-existing commitments allow, the former Tottenham Hotspur and Portsmouth manager spent Thursday morning with Way at the training ground.
Having known Redknapp for a number of years, Way was pleased to be able to utilise his experience in the game.
“When you’ve got someone who’s managed 1,500 games, I think you can say he’s an elite manager,” the Yeovil manager told iFollow Glovers.
“I’m 37 years of age. I’m humble and honest enough to say that I don’t know everything.
“To have his advice in one of the most ruthless leadership environments, which is professional football, I’d be a fool not to take it.”
As the Glovers prepare to travel to Newport County this weekend in Sky Bet League Two, the Town boss also pointed out the logistics behind Redknapp’s informal role.
He said: “I don’t want to put Harry under pressure to say he’s got to be there at every game because obviously, he has commitments as well.
“All I can say is that he’s been very open and honest with me to say we’re going to try and create a good working relationship – he’s a fantastic mentor.
“There’s more to football than just being stood in the technical area. If he can help me with my family, the media and scouting, he’s a great tool to have for my development.”
Supporters wishing to cheer on the Glovers in Wales this Saturday can do so, with ticket information available on our Away Ticket page.