The moment Redknapp must have been dreading since the end of the season came on Wednesday night when Chelsea made their first move for the 25-year-old with an offer thought to be in the region of ?22million.
Modric said earlier this month that he would be willing to discuss a transfer from White Hart Lane, but only if his current employers were willing to sell him.
Redknapp showed no sign that he would be prepared to cash in on his star midfielder on Thursday though, describing Chelsea's offer as "ridiculous".
With the inexperienced Jordan Henderson moving to Liverpool in a ?20million move last week, Redknapp may have a point.
Modric, who has also reportedly attracted the interest of Manchester United, put in a series of stunning displays last year in his best season at the club and Redknapp made it clear that he thinks the Blues have seriously under-valued the player, telling the BBC: "If there has been a bid of ?22million that is ridiculous. There are people being sold for ?20million who are not fit to lace Luka's boots."
Modric may have scored just four goals last season, but his tireless performances and brilliant vision played a big part in helping Spurs reach the quarter-finals of the Champions League.
His efforts, and those of Gareth Bale, meant speculation linking the pair with moves to some of the continent's biggest clubs was inevitable.
Redknapp's failure to guide Tottenham back into the Champions League added further fuel to those rumours, but the 64-year-old, and chairman Daniel Levy, have remained steadfast in their promise to keep the club's best players.
Levy assured Spurs fans on the final day of last season that the club were not under pressure to sell despite the drop in revenue that will come next year thanks to the failure to make it into the top four.
Redknapp fears the ambitious project he currently heads at White Hart Lane will crumble and he repeated his desire to hold on to Modric today, saying simply: "Luka is not for sale."
Earlier this month Modric told a Croatian newspaper that he was happy at Spurs but would be open to a move if the club altered their stance and chose to sell him.
"If an offer comes which is good for Tottenham and for me also, then a transfer is possible," said Modric, who attempted to quash rumours linking him with Manchester United by signing a new deal last year.
United have a vacancy in midfield following the retirement of Paul Scholes, but Chelsea are thought to be the only team to have made a bid to sign the star so far.
Spurs will now be bracing themselves for a second bid for Modric from Chelsea, who are looking to strengthen their midfield next season.
Frank Lampard turns 33 next week and struggled with injury last term while the likes of Michael Essien and John Obi Mikel failed to find consistent form.
Former Blues assistant manager Ray Wilkins believes Modric would be a perfect addition to the Chelsea squad.
"Modric is a player of immense quality that everyone with finance would want to buy. His craft and work ethic are brilliant," Wilkins said.
"He would fit in at Chelsea with no problem at all because he is a class player and he would be joining fellow class footballers.
"The consistency he has shown as a foreign player coming to the Premier League has been exceptional. He and (Manchester United's former goalkeeper Edwin) Van der Sar, were the best two players in the league last year."
Meanwhile, Jonathan Woodgate's troubled three-and-a-half year spell at White Hart Lane may be coming to an end.
The former England defender has been dogged by injury problems since he signed from Middlesbrough and has so far failed to agree an extension to his contract, which expires at the end of the month.
Source: Team Talk
Source: Team Talk