(CNN) -- Croatia midfielder Luka Modric will not be sold to Chelsea, according to the chairman of his English Premier League club Tottenham. The 25-year-old has been the subject of transfer speculation after helping the London side reach the quarterfinals of the UEFA Champions League last season, and his manager Harry Redknapp on Thursday ridiculed a bid of $35.5 million for the player. Modric, who cost Spurs $27 million when he signed from Dinamo Zagreb in 2008, was on Saturday quoted by English newspaper the Daily Mail as saying he wanted to join London rivals Chelsea. In response, Tottenham chairman Daniel Levy issued a statement on the club's website confirming that Chelsea's initial approach had been turned down and that he had not invited an improved offer.
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Tottenham unhappy with Chelsea's attempt to sign playmaker Luka Modric
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Croatia midfielder tells English newspaper that he wants to join London rivals
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Spurs chairman issues statement saying the 25-year-old is not for sale
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French midfielder Sylvain Marveaux joins English Premier League club Newcastle
"If somebody comes to the club and the offer is good for me and acceptable to them, then I want to leave," @placeholder told the Daily Mail.