Spurs' boss dismissed Chelsea's £22million bid for the midfielder - and told them not to waste their time coming back with more cash.
Redknapp said: "Tottenham are not selling Modric, end of story. I've spoken at length to the chairman Daniel Levy and he said Luka is not for sale. So that's good enough for me.
"Every club in the world would want a player with his ability - but he is ours and that is the way it is staying.
"The offer I heard bandied around for Modric is what is being paid for players who are not even fit to lace his boots."