Premier League - Spurs dismiss £27m Modric offer
Chelsea's second offer was £5 million more than their opening gambit of £22 million but it appears Tottenham remain steadfast in their determination to retain Modric this summer.
Though Tottenham have made no formal response to the offer made by Chelsea on Monday night, Redknapp has indicated that the North London club have quickly rejected it.
Redknapp told Sky Sports News the bid was "way under" what Spurs value Modric at, adding: "I still think £27 million is a pretty poor offer in my opinion for a player of that ability. It wouldn't be anywhere near what I value him at if he was for sale, but he is not for sale."
Modric has made public his desire to join Chelsea this summer and on Sunday criticised chairman Daniel Levy for reneging on a "gentleman's agreement" to allow him to discuss a move to a bigger club.
It is anticipated that Chelsea will made another attempt to sign the Croatia international but Redknapp has warned that even an offer in excess of £30 million would not be enough to convince Tottenham to sell.
Redknapp said: "I don't think so really. If you ask me what I honestly value him at, it is way, way in excess of that."
Levy has made perfectly clear that Tottenham will not sell Modric this summer and Spurs expect the player to travel with the rest of his team-mates to South Africa on Wednesday for a pre-season tour.
"Oh for sure, he is off tomorrow," Redknapp said.