It's been a long and messy divorce, as Modric has been requesting a move out of White Hart Lane since last summer. Now, both parties can go on with their lives, with Real Madrid finding their replacement for Kaka and Tottenham finding a pot of gold at the end of the rainbow.
And if the rumors are true, that's a big pot of gold.
The reported transfer fee of £36 million could be Spurs' saving grace after missing out on the Champions League and the millions of pounds that come with being a part of the most lucrative tournament in the world.
Who should Tottenham pursue should the £36 million hold up? Better yet for Spurs fans, who shouldn't they pursue? That's a lot of cash and it could be used to buy up all but the richest tier of players in the world.
Where should Spurs look first?
Join me as I give you the players Tottenham should snatch up with the reported £36 million they'll be getting for Luka Modric.
Other than Jermain Jones, Spurs have no forwards that could start—and one could make the argument that Jones isn't even in that camp. The club desperately needs some attack-minded, goal-scoring players.
Enter Joao Moutinho.
One year and one day younger than the player he'd be replacing, Moutinho represents an immense upgrade to a Spurs roster with some gaps in the midfield.
According to ESPN, Porto manager Vitor Pereira has confirmed that "this is football" and that he's ready to sell the midfielder, but at a steep asking price of £31.5 million.
I predict Spurs can have him for a hair less, but it will still probably be in the £28-£30 range.
I don't know how Daniel Levy is getting away with highway robbery, but he is.
(Cue collective squinting of eyes to make sure you read that right.)
Yup, somehow it's going to happen that the reported £36 million that Luka Modric's going to bring Spurs with his departure will be able to secure both Moutinho and Adebayor.
Adebayor coming back to White Hart Lane permanently just makes sense—he knows the city, he knows the tactics, he loves the fans and the fans love him.
Sell Luka Modric and you have enough for Modric's replacement and the guy who was in on 42% of your goals last season.
So, let's say the reported price of Modric stays at £36 million, but for whatever reason, Tottenham can't secure Moutinho. Buy Adebayor for £5 and you've still got £31 to work with.
The Daily Mail reported that Spurs target Hugo Lloris has a price tag of £16 million and that Ligue 1 club Lyon isn't lowering it anytime soon.
According to Lyon's official website, club president Jean-Michel Aulas is ready to let go of his keeper, but only if another club "makes an offer that matches his market value"—in other words £16 million.
Lyon isn't strapped for cash, and with PSG stocking up on world-class talent, there's no incentive to let him go for anything less than Aulus wants.
This one will take the full £16 million, but it still leaves Spurs with £15 million to play with.
Sturridge apparently fell out of favor with then-caretaker manager Roberto Di Matteo, and with Di Matteo steering the club to a Champions League victory and subsequently winning the managerial job, it looks unlikely next season will be any different than the last.
A cheaper option than Moutinho, Sturridge is an up-and-coming talent who can play a range of different attacking positions, scoring 11 goals and assisting on three others in 30 appearances last season.
A strong showing for Team GB during the Summer Olympics could make £10 million seem like a bargain for the young striker.
That leaves £5 million from the reported £36 million check that Modric left when he walked out of White Hart Lane.
Time to shore up a centre-back position and nab a relatively unknown defender in Bayer Leverkusen's Ömer Toprak.
You may not know it, but Leverkusen conceded only 44 goals through 34 matches—fourth in Bundesliga play—and the tenacious Toprak is a big reason why. He's a durable player who made 27 of 34 possible league appearances and also gained some Champions League experience, playing in six of the club's European matches this season.
He's physical, he supports the attack well and at 23 years old, he still has a lot of miles left on his legs.