Spurs head coach Andre Villas-Boas has targeted the Frenchman as a long-term replacement for current No.1 Brad Friedel, who recently turned 41.
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"Regarding Hugo Lloris, he should stay at OL and not join Tottenham,” Laporte told French radio station RMC.
“Until the transfer window closes, you never know. If Modric goes to Madrid, things may move forward.
"But as he has started the Championship, Hugo is less hot to leave. He wants to continue at Lyon, unless there is a very important proposal for him and for us. Their proposal was well below our valuation for our goalkeeper."
Lloris has made over 140 appearances for Lyon since his transfer from Nice in 2008, accruing 38 caps for his country in the process.