Tottenham Hotspur manager
Spain champion Real Madrid is thought to be leading the chase for the 26-year-old, with Manchester United and
Quoted in several national newspapers, Villas-Boas said: "There has been continuous interest from three different clubs in Luka.
"But it is important for Tottenham to hold onto their rights. His situation will continue as it is until the price is right.
"It's important to understand his feelings. We have been speaking and I understand his point and he understands the club's point."
Modric first stated his desire to leave White Hart Lane last northern summer after the team failed to qualify for the UEFA Champions League. The north London club stood firm, but speculation has been rife again recently after Chelsea's triumph in this year's Champions League final meant Spurs once again missed out on
Speaking after a 2-0 pre-season friendly win at Stevenage, Villas-Boas added: "Luka is an intelligent person and understands the club has to defend his value their values, rights and interests.
"It's a difficult situation for the club but we have been co-operative by openly saying we are willing to listen to offers.
"But the offer has not been met to what the chairman [
Modric, who joined Tottenham from Dinamo Zagreb four years ago, is under contract until 2016.
Colombian side Santa Fe took a big step towards the semi-finals of the Copa Libertadores by beating tournament debutant Real Garcilaso 3-1 in