The Croatian left Tottenham for Real Madrid in 2012, costing the Spanish giants £33m.
And the man who brought him to the Bernabeu, Jose Mourinho, would be integral to his Premier League return, should the Portuguese take over at Chelsea.
The deal, at a similar fee, could suit all parties – Mourinho knows and respects the player, who impressed in La Liga after a shaky start, Chelsea have tried unsuccessfully to buy Modric in the past, and Real Madrid are looking to reshuffle considerably after changing manager and missing out on a trophy.
The first target for Real Madrid, however, is Neymar – his club Santos have accepted bids from Real and Barcelona. The Catalans appear to be the most likely to land him however, which then thrusts the spotlight on who Real will look to sign instead.
The British newspapers have a stab at the answer – the Daily Mail say Luis Suarez will be the subject of a bid from Madrid, although Atletico are also keen on him as a replacement for Radamel Falcao, while Bayern Munich remain in the reckoning.
The Sun, meanwhile, says that Suarez’s countryman Edinson Cavani is also high on Real Madrid’s wish-list after another impressive season at Napoli. The striker is also attracting interest from England with Manchester City the best-placed to sign him, and a fee in the region of £60m is being mooted.
Returning to Manchester, and it looks like David Moyes’s first bit of business at Old Trafford could be a raid on his former club, Everton. According to the Guardian, the Scot is keen on bringing midfielder Marouane Fellaini to United from Goodison Park.
Meanwhile the Daily Mirror insists that Wayne Rooney is still far from likely to stay at Manchester United. Amongst the clubs waiting on his next move are Paris Saint-Germain, Monaco, Chelsea, and still most surprisingly of all, Arsenal.
Rumours that the Gunners could make a bid for the 27-year-old refuse to go away, despite the fact that his reported £250,000-a-week wages are more than double what Arsenal currently pay their highest earners.
The Daily Mail, for their part, say the London club are ‘increasingly confident’ of landing Rooney. Watch this space.
In another report in the same paper, one of the managerial vacancies in the English top flight looks a bit closer to being filled.
Roberto Martinez is on the brink of leaving Wigan for Everton, the paper claims, with the Toffees planning an official approach to speak to the Spaniard. Martinez for his part has kept his counsel and flown back to his native Spain as he mulls over his future.