It was recently reported that Real Madrid were working on a €44.4M bid but new developments on the Luka Modric transfer saga suggests that Tottenham Hotspur want a bigger offer.
It is clear that Luka Modric is on his way out of Tottenham Hotspur. However, with several clubs chasing the player, hot favourites Real Madrid may be forced to splash more money on the table. New Spurs boss Andre Villas-Boas explained why in an interview with the Daily Mirror.

“There has been continuous interest from three different clubs. But it's important for Tottenham to hold onto their rights. His situation will continue as it is until the price is right,” said AVB.

“Luka [Modric] is an intelligent person and understands the club has to defend his value their values, rights and interests.”

Concluding on the Luka Modric transfer saga, Andre Villas-Boas declared:

“But the offer has not been met to what the chairman [Daniel Levy] wants. If that is met there won't be any problem.”

On Wednesday, Dinamo Zagreb president Zdravko Mamic spoke to Sportske Novosti and revealed:

“Luka [Modric] is a close friend of mine. I can state with reliability that Mourinho has spent the last month speaking to him over a move to the Spanish capital.

“I've heard the signing will be done, and I am very happy that a person and a player like Modric can project the name of Dinamo and Croatia at the world's most famous club, which is Real Madrid.”

Meanwhile, Tottenham Hotspur are not done with transfer signings this summer. Andre Villas-Boas has assured fans there will be a few more players joining the club after the addition of Gylfi Sigurdsson and Jan Vertonghen.