The diminutive Croatian playmaker is said to be frustrated by Spurs’ failure to qualify for the Champions League for the second consecutive season, and as such is eager to move to a bigger club.
The Portuguese coach has confirmed that exit negotiations are ongoing and that the player’s wishes must be respected.
“I think Luka is a player of tremendous importance for this football club, and it has been like that since he joined the club,” Villas Boas told Sky Sports.
“The interest that we have from various different clubs shows the importance of the player and what he has done for Tottenham.
“I think it is fair to say we respect Luka’s ambitions and his willingness to move on, and I think Luka respects as well that he is an important player for the club who can help us move forward.
“I think ongoing discussions with these various clubs will continue until we reach an agreement which is sensible for each party.
“The willingness is there from the player but a player of this importance is not easy to part company with.
“But I think the chairman is a person who respects the values of the football club and only with the right offer will we take that step,” he continued.
With Modric looking certain to leave White Hart Lane, Villas Boas needs a new playmaker and has confessed that former player Joao Moutinho is of interest.
“He was one of the most important players at Euro 2012, of course. He had a fantastic tournament.
“He is also an important player for Porto and of course counting on players of this dimension will always be interesting for us.
“It does not mean he is the only target we are looking at, but eventually if something happens he is a player we are looking at with some interest,” the trainer concluded.
By Gareth McKnight