My feeling on the situation is that the player signed a contract for Tottenham and thus agreed to fulfull his end of that contract, which obliges him to play for Tottenham for the duration of that contract. If another club wants the player, they may submit a bid to Tottenham. If the bid is deemed acceptable, Spurs may give Modric the opportunity to discuss personal terms with the bidding club.

The challenge Spurs face is that Modric is trying to escape his contract. He desperately wants to leave and is pressuring Spurs to accept a bid from Chelsea to allow him to move to south London. He is Spurs' best midfielder, one of the best central midfield playmakers around. He is worth a heck of a lot of money to the club and it's fans, more than what Chelsea currently seem prepared to offer.