Spurs chairman Daniel Levy made a big effort to keep Modric a year ago when Chelsea were willing to buy him at that price but, after the North Londoners missed out on the Champions League and Modric reiterated that he wanted out once more, he has been told that he can go if the fee is right.
New manager Andre Villas-Boas is looking to make his own additions to the playing squad, while Gylfi Sigurdsson was signed on Wednesday to give Tottenham another midfield option.
An insider told ESPN: "The feeling is that Modric, no matter how talented, doesn't score enough goals from his position. It has been suggested that Real Madrid are after him, but I am not so sure. It sounds more like clubs are being alerted that Modric can now be bought.
"Chelsea and Manchester United wanted Modric a year ago, but again there is no certainty that either club will pay the price. However, it seems more likely that Modric will be sold if a club comes close to Spurs' asking price.
"The club have a new manager who wants to buy his own players and the sale of Modric can significantly help in that direction."
Reports on Friday suggest that personal terms would be not be an issue should Real Madrid decide to move for the Croatian, but that the Spanish club's valuation of Modric is someway short of what Tottenham are expecting.
A year ago, Harry Redknapp hinted that it might make sense to get a good price for Modric and reinvest in new players, but Levy stood firm on the asking price and the Croatian stayed.
Spurs may now be forced to lower their valuation for Modric, and there is every chance a compromise fee might attract revised interest in the player from another Premier League club.
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