Real Madrid have been strongly linked with the Croatian playmaker, and he is understood to be keen on completing a switch to the Spanish capital.
Modric has not joined Spurs on their pre-season tour of the United States and is training back in London as his future remains up in the air.
Tottenham will not stand in the way of a player that wants to move on, with it important that those on their books are fully committed to the cause.
They are, however, prepared to stand firm on their valuation and will not part with Modric for less than they believe he is worth.
As that figure is yet to be met, the highly-rated 26-year-old remains on the books at White Hart Lane.
“There is no news at the moment,” said Villas-Boas.
“The player is training in London. There have been no further bids, no improved bids. The value hasn’t been met for what we think is correct.
“We have a big squad and we are fielded in most of the positions, so we just have to wait and see how that deal goes or doesn’t go.