The former forward played under both managers during his playing career, although the player chose to leave the Gunners shortly after the Frenchman taking up his role in North London.
And despite huge criticism of Wenger over the last to seasons, he signed a new two-year deal approved by Ivan Gazidis and the club's owners.
Merson played under Wenger during the Frenchman's first season in North London and under Redknapp at Portsmouth in 2003.
'Tactically, he's one of the best I've worked with.
Social media was quick to respond with laughter and bemusement at Merson's comparison of three-time Premier League and seven-time FA Cup victor Wenger with Harry Redknapp.
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Redknapp was sacked by Birmingham City last month as the team struggled at the wrong end of the Championship table.
Does Redknapp have any advantages over Wenger?
Overmars spent three years with the Gunners as a player, during which he won the Premier League, FA Cup and Community Shield.
'We won our first game at home and I thought we'd be alright and then went to Crystal Palace.
'Harry came in at half-time and took three men off, put three at the back, five in midfield with three rolling attackers and we won 3-2.
"If I really cared, do you think I would have survived for 18 years?"