The Croatian completed a €42 million [£33m] transfer to the Santiago Bernabeu on Monday and, while the former Arsenal goalkeeper conceded that Jose Mourinho has signed a decent player, he does not believe that the deal represents value for money.
"Modric is a good player, but I do not know what all the fuss around him is," Almunia said to COM Radio.
"€42m seems a bit exorbitant, he is a good player and he can be useful for Madrid but the price is a bit exaggerated."
|NO MODRIC, NO MATTER?|
|17/2||Tottenham are 17/2 with Bet365 to beat Norwich City 3-0|
"He is a wall, his greatest strengths are the distruption of the opposing game and stealing the ball and sometimes he has the genius to send a brilliant pass which surprised us [at Arsenal]," the Watford goalkeeper enthused.
Modric could make his debut for Los Blancos on Thursday as his new side look to overturn a 3-2 deficit to their arch rivals, Barcelona, in the second-leg of the Supercopa.