Modric joined Real from Tottenham Hotspur in the off-season, but has struggled to make an impression in the Spanish capital, while Chelsea are known to be long-term admirers of the Croatian playmaker.

There are mixed reports over a potential swoop by Fiorentina for Chelsea stalwart Frank Lampard, who is out of contract at the end of the season.

Fiorentina coach Vincenzo Montella indicated on Saturday he would be interested in the veteran midfielder's services.

Meanwhile, AC Milan's vice-president Adriano Galliani has ruled out signing striker Didier Drogba from Chinese Super League outfit Shanghai Shenhua.

Galliani also insisted Robinho will not leave the Italian giants this season, despite reports linking him with a move back to his native Brazil.