United boss Sir Alex Ferguson is a known admirer of the Croatian international schemer and reports had suggested that he could table a bid for the player during the close season.
"There's no chance of it happening at all. Luka's key to everything that's happening at this place.
"Everybody knows what I think of him. And if you want to move on to higher levels you don't start flogging off your best players - to anyone.
"I have an excellent squad and - I stress - Luka Modric is going to remain a part of it."