The former Tottenham Hotspur and Portsmouth chief, most recently of Birmingham City, was contacted by Way regarding a role to share his experience and contacts from over 30 years in football management.
After spotting recent comments from Redknapp declaring his wish to help a young manager, Town’s boss spoke to the 70-year-old to put forward the proposal.
With the board’s approval granted, Redknapp will be at Huish Park in the near future to meet with Way before attending forthcoming matches and working on a closer basis with the 37-year-old.
Having approached the Dorset-based manager, the Glovers boss is looking forward to developing their relationship.
Way told YTFC.net: “Harry has been in the game a long time and is someone I highly respect for all the experience he’s gained and achievements he’s accomplished.
“I’m still starting my journey in management and feel the opportunity to bring in someone like Harry to offer advice and pass on his knowledge is a no-brainer.
“There’s no pressure or long-term commitment from either side, but I’m looking forward to having Harry at Huish Park and we welcome him to the club.”