Spurs have been resolute in their stance that they would not entertain Chelsea's interest in Croatia playmaker Modric and are believed to have rebuffed two offers already, the latter thought to be worth up to ?27million.
Now, with the Blues likely to return with a new bid before the end of the month, boss Redknapp's stance has shifted somewhat as he admits he could use any cash to bolster his squad in a handful of areas.
With that in mind, Redknapp wants no repeat of the Dimitar Berbatov sale to Manchester United, which saw the striker move just before the 2008 transfer window shut.
Redknapp, quoted in a series of national newspapers, said: "We've got two options with Luka. Either we keep a fantastic player or we sell him, get the money and bring in four players and have a better team.
"I want him to stay but if he's going I want the opportunity to get other players in.
"There's no chance the chairman (Daniel Levy) will sell him on the last day of the transfer window. He did that with Berbatov a few years ago and ended up with no strikers. He won't do that again.
"It's a difficult situation for Modric. We all love our club and everything, but what would you do if someone offered to treble your wages?
"He's had his head turned by the chance to play in a team that could win the Champions League this season and I think people can probably understand that."
An ongoing shortage in midfield could lead to moves for West Ham's Scott Parker or Real Madrid's Lassana Diarra but a deal for the latter's sometime team-mate Emmanuel Adebayor is more imminent.
The Togo striker is out of favour at Manchester City and his preferred move to Real, where he played on loan last term, is off the table.
Spurs are ready to step in with a loan move despite the fact that Adebayor made his name in England with their bitter rivals Arsenal.
In fact, Redknapp believes the messy nature of his departure from the Emirates Stadium could help endear him to Spurs fans.
"I'm sure they will take to him because he fell out with Arsenal," Redknapp said. "Arsenal fans hate him so Tottenham fans will love him. He upset them so he'll be a hero here."
Source: Team Talk
Source: Team Talk