According to The Daily Mail, Spurs have agreed to a deal that will send Modric to Real Madrid for a reported £25 million, £15 million less than the price tag chairman Daniel Levy had placed on him at the beginning of the summer transfer window.
It's been a troubled 12 months to say the least for Modric. At this point last summer, there wasn't a first-tier club in Europe that wasn't vying for the midfielder's services, with Chelsea, Manchester United and Real Madrid at the top of the list.
But Levy and the rest of Tottenham's brass weren't budging, opting rather to offer Modric a new contract worth, according to The Daily Mail back in November of 2011, a reported £100,000 per week in wages.
It was certainly an increase from the reported £60,000-a-week wages he was making at the time, but Modric and his agent weren't biting.
Fast-forward to last spring, when he finished his fourth season at White Hart Lane. Tottenham missed out on Champions League football thanks to Chelsea, and less money was going to be pouring in this winter than many in North London hoped. Tottenham had a choice to make—keep Gareth Bale or Luka Modric.
On June 27, Levy made his decision, and TottenhamHotspur.com announced that the 23-year-old had signed a four-year contract extension, keeping him at the club through 2016.
With new manager Andre Villas-Boas buying up talent like Gylfi Sigurdsson and Jan Vertonghen, it was a foregone conclusion that Modric wouldn't be paid. The only question was whether or not Modric would hold out and train on his own or if he'd finally be sent packing.
Real Madrid came back knocking on White Hart Lane's door a few weeks ago, offering what ESPN dubbed an "ultimatum offer" of €30 million (£23.5 million).
Levy said no, sticking to his guns and his £40 million price tag.
Now, with the season days away and an influx of cash needed for some forwards—Jermain Defoe's the only senior striker, remember?—Levy caved, giving Modric up to Real Madrid for a paltry £25 million, just a hair above the "ultimatum offer" that Levy refused so quickly just weeks before.
With prospects like centre-forward Emmanuel Adebayor and midfielder Yann M'Vila just a few million pounds away from coming to Spurs, it makes sense for Levy to cut and run with Modric.
The Daily Mail further reported that Modric won't be able to leave until Tottenham "have signed a replacement."
Whether or not that little clause becomes a huge problem remains to be seen. With the way this summer has shaped up for Luka Modric, it wouldn't surprise anyone in North London.
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