Modric saw a £22 million offer from Chelsea rejected by Spurs last night.
"The price that has been written greatly undervalues the price that the club values him at the moment," said agent Nikki Vuksan.
"If there has been a bid of £22million I am not surprised that the club have rejected it. That figure is near to the fee that Spurs paid for Luka (around £16million)."
Vuksan 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."