Spurs have rejected such an offer from the Blues for the Croatian midfielder, who starred in the club's European and domestic campaigns last season.
The White Hart Lane hierarchy are desperate to hold on to the 25-year-old star, whom manager Harry Redknapp recently described as 'irreplaceable', but there is a fear that Chelsea could return with an improved bid.
Race is on: Chelsea, Manchester City and United are chasing Luka Modric
But with the likes of fellow midfielder Jordan Henderson recently being bought by Liverpool for ?20million, any transfer for Modric would command a much bigger fee, according to the star's agent, Nikki Arthur Vuksan. ?
'The price that has been written greatly undervalues the price that the club values him at the moment,' he said. 'If there has been a bid of ?22m I am not surprised that the club have rejected it. That figure is near to the fee that Spurs paid for Luka (around ?16million).'
Modric, who scored four times last season, signed a new contract in May 2010 and has indicated that he would only be willing to leave North London if they change their stance and indicate they are ready to sell him.
Champions League experience: Modric featured heavily as Spurs reached the quarter-finals in their first season in the competition
Vuksan said he had not been informed yet that Chelsea have made a bid for his client but admitted that he could receive a phone call in the next few hours stating otherwise. He went on to reiterate that Modric is happy at Tottenham, but conceded that he would be willing to talk to Chelsea or any other club, should Spurs chairman Daniel Levy accept a bid for the player.
'The chairman has said he doesn't want to sell Luka and Luka is happy at Spurs,' Vuksan added. 'If an offer comes to the club that they are happy to accept, then he is willing to talk to the club. Let's see what happens.'
The move from within Stamford Bridge comes days after Sportsmail revealed Manchester City are ready to make an offer for the player who is also high on Manchester United's shopping list. But Chelsea have made the first move in what is sure to develop into a bidding war between the three richest clubs in the Barclays Premier League.
In fine fettle: Modric was one the most consistent performers of the last Premier League season
The formal approach - which came late on Wednesday afternoon - was rejected out of hand by? Levy. He wants to keep Modric and has publicly insisted, along with Redknapp, that there is no desire to sell any of the club's best players this summer.
But Levy also recognises that there is growing interest in the hugely gifted Croatian and it could yet prove difficult to keep him when Spurs cannot offer him Champions League football next season.
Roman Abramovich has yet to appoint his new manager but the Chelsea owner sees Modric as an important part of his rebuilding programme at Stamford Bridge. He is hoping to exploit the fact that the Croatian's current contract - which runs until 2016 - is worth a relatively modest ?40,000 a week by offering him a significant pay increase where a number of senior players command salaries in excess of ?100,000 a week. It is clearly an opening offer.
Midfield battle: The signing of Modric would put pressure on the likes of Frank Lampard (left)
It is just ?6m more than Liverpool and Manchester United have just paid for Jordan Henderson and Phil Jones and few would argue that 25-year-old Modric is worth considerably more than two emerging English talents.
Modric could slot straight into Chelsea's midfield, immediately putting pressure on players like Frank Lampard and Michael Essien. For that reason, Chelsea are expected to increase their offer to more than ?30million and so force Levy to give it serious consideration in the knowledge that a deal that brings Scott Parker from West Ham to White Hart Lane could soon be close.
Modric has said he would be happy to stay at Spurs, but he also left the door slightly ajar when he was asked about his future in a recent interview with Sportsmail.
'You can't predict things in football because anything can happen,' he said. 'But I am enjoying it here.'
Understandably, he would be attracted by the prospect of representing any team in the Champions League next season.
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Source: Daily Mail
Source: Daily Mail