With intense speculation surrounding the future of the Croatian, his manager rubbishes reports that he could leave for as little as £20m, and also says that Gareth Bale will stay.
The Spurs manager revealed that he has been enquiring about bringing players in at White Hart Lane, and that players such as Modric and PFA Player of the Year Gareth Bale would not be leaving this summer.
"I heard some talk yesterday about Luka Modric and they're saying '£20m'," Redknapp told Sky Sports News. "Twenty million pound for Luka - they've got to be dreaming!
"He's such a fantastic player. We've enquired about players and we're being quoted more than that for people who couldn't lace his boots.
"It's not a goer. I wouldn't want to sell him. He's a great guy, he just gets on with the job, never complains, loves his football. He's the most low maintenance player you'd ever wish to see, he's irreplaceable."
With Redknapp eager to strengthen the team in a bid to regain fourth position and Champions League football next season, he stated that he has already been busy enquiring about players who could improve the squad.
"I certainly feel we need three more players of top quality if we're going to compete [with the top four].
"We haven't got anywhere [with transfers], we've made a lot of phone calls and there's lots of talk in the newspapers but we're not close to making any signings and we're certainly not looking to sell any of our better players.
"We're not selling Luka Modric, we're not selling Gareth Bale, we're not selling Sandro - they're players... we're looking to build a team at Tottenham."