By ESPNSTAR.com staff
Redknapp was recently sacked from the club but remains vested in matters concering his former players as he spent nearly four seasons at White Hart Lane.
The Englishman's fondness for the diminutive midfielder was widely known and he sternly fought bids submitted by Chelsea in previous transfer windows.
But the Croatian international is heavily linked with an exit from the club following their failure to guarantee Champions League football for the upcoming season. They ended last season in fourth place but missed out on the competition following local rivals Chelsea's successful continental campaign.
When queried on whether Modric's time at the club had come to a close, he told Sky Sports News: "I don't know. I wouldn't be sure about that.
"It would be (a huge loss). He is irreplaceable.
"But if they get massive money, they can go and get three or four players and improve the team in other areas."
He insists that he did not leave the club under acrimonious circumstances and gave prospective candidate Andre Villas-Boas his full backing. The former Chelsea manager is being tipped as the favourite to succeed Redknapp at the helm and is widely expected to be appointed as the new manager over the weekend.
"I would obviously love to have stayed. Things were going well. There was no hint of me leaving, to be fair. But it is up to the chairman and the owner.
"It is their club, if they feel they want to go down a different route.
"He [Andre Villas-Boas] has been to England. He has been to Chelsea. Things did not work out for him.
"The chairman at Tottenham (Daniel Levy) feels that he can do the job at Tottenham. He has certainly got the players.
"I think that they have the players there to be a top-four team every year and to challenge for a championship. That is my opinion. They have got the players there."
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Spurs have already parted ways with Vedran Corluka, Ledley King, Louis Saha, Niko Kranjcar and Ryan Nelsen so far. Many sources indicate that the club could be in for a summer of reconstruction and may thus be open to a lucrative bid for Modric by the likes of Chelsea, Real Madrid and Barcelona in order to secure the funds necessary to procure talented players from other European leagues.