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| Harry Redknapp resigned as QPR boss in January 2015 - his last managerial role |
The 69-year-old will work alongside head coach Darren Wassall, who was keen to bring in someone with experience to help their Championship promotion push.
Chief executive Sam Rush told BBC Radio Derby: "Darren felt he needed some more senior coaching support - someone who has been there and done it."
The Rams are six points adrift of an automatic promotion place.
Derby sacked head coach Paul Clement last month and appointed Wassall until the end of the season, but they have lost three of his seven games in charge.
Ex-West Ham, Portsmouth and Southampton boss Redknapp has been out of work since leaving QPR in January 2015.
Rush to rejuvenate the promotion bid
Wassall replaced Clement with the Rams just five points off top spot in the table.
But Saturday's 3-3 draw against Rotherham, when they conceded three goals in the final seven minutes, means they are now 13 points behind leaders Burnley, and have played a game more than second-placed Middlesbrough.
Rush said talks would with Redknapp would continue on Monday evening.
He added: "Harry came to the training ground and met Darren and myself and we had a discussion and are looking at bringing him in an advisory role
"It was Darren's idea. It is a short-term coaching role to provide support for the rest of the season. It is a defined time for the next eight weeks or so."
Experience counts
Former West Ham winger Redknapp began his managerial career with Bournemouth in 1983 and spent nine years with the Cherries and then seven years with the Hammers from 1994.
Since then, he has twice managed Portsmouth, winning the FA Cup in 2008, and has also been in charge at Southampton, Spurs - where he guided the club to Champions League football for the first time - and most recently QPR.
He was strongly tipped to take over as England manager following Fabio Capello's exit after Euro 2012, but the Football Association instead chose to appoint Roy Hodgson.
bbc
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