Real Madrid have handed Tottenham a €30 million 'take it or leave it' bid for Luka Modric, which has been rejected, according to ESPN sources.
Spurs chairman Daniel Levy has set the price for the Croatian midfielder at around £40 million, though £35 million (plus success-dependent add-on clauses) would be enough to clinch the deal.
But Real are refusing to bid that high, and have told Levy that their latest offer will be their last - meaning Spurs are now "stuck with" the unhappy Modric as there are no other clubs willing to meet the North Londoners' valuation.
An ESPN source says: "A year ago Daniel Levy could have sold Modric to Chelsea for £40 million but turned it down, believing that in a year's time he would be worth £50 million.
"Well, the feeling was that he couldn't possibly have such a brilliant season as he had the year before, and his price has not gone up. Even if one of the big-spending clubs came in, they would be wasting their time as the player has made it clear he only wants to go to Real Madrid.
"Unless something gives, and it doesn't look that way at the moment, then Spurs are stuck with Modric."
Spurs fans might feel that Modric is a good player to be "stuck with", but new manager Andres Villa-Boas has his work cut out to motivate him if, as now looks likely, his dream move to Real collapses.