Luka Modric worth more than £22m - Spurs star's agent

Chelsea have reportedly bid that figure for the 25-year-old Croatia international and had it rejected by their London rivals.

"Luka is happy at Spurs but if an offer came in that was acceptable to the club and player, we would be willing to discuss it," said agent Nikky Vukan.

"In my opinion, £22m is a valuation that is too low for the player."

Modric arrived at Spurs from Dinamo Zagreb in 2008, costing £16.6m. He quickly established himself as one of the first names on the teamsheet, and in his second season he helped the White Hart Lane club to qualify for Champions League for the first time.

In his 120 games for the north Londoners he has scored 12 goals and his impressive displays as the creative force in the side has reportedly attracted attention from Chelsea, Manchester United, Manchester City and Barcelona.

Modric signed a new six-year deal at the club only last year and Spurs manager Harry Redknapp recently insisted the player is not for sale, describing him as "irreplaceable".

But last month Modric told he Croatian newspaper Jutarnji List: "If an offer comes which is good for Tottenham and for me also, then a transfer is possible."

Meanwhile, Redknapp has failed to agree a pay-as-you-play contract with defender Jonathan Woodgate and the injury-plagued 31-year-old has been released by the club.