Villas-Boas: Modric likely to be sold
Real Madrid have been heavily linked with a move for the Croatia midfielder, while Manchester United and Chelsea have also been credited with an interest.
Reports suggest that Spurs are holding out for at least £35 million for the 26-year-old, while goalkeeper Brad Friedel revealed on Wednesday that Modric is unlikely to be sold unless a replacement is found.
And Villas-Boas confirmed that negotiations are ongoing regarding the sale of the diminutive schemer.
"The interest that we have from various different clubs shows the importance of the player and what he's done for Tottenham," the 34-year-old revealed.
"It's fair to say that the club respects Luka's [Modric] ambitions and his willingness to move on and he respects the fact that he's an important player for the club and can help us move forward.
"Ongoing discussions will continue with these clubs until we reach an agreement which is acceptable for each party."