Chelsea have seen two offers rejected by Tottenham for Modric, the first £22 million and the second £28 million, and it has been speculated a third offer could be in the pipeline.
Spurs' stance at the beginning of the summer was that they would not entertain the sale of the Croatia international, but manager Harry Redknapp hinted on Thursday that selling Modric would help the club build a stronger team in the future.
Villas-Boas said: "It doesn't depend on me. It's not my money! It depends on a lot of things. It depends on the club's decision, if they are willing to go forward or not, up to which value, and to decide whether they want to keep the interest in the player.
"Luka, on this particular occasion, is a young player but there would be for sure a sensible price to pay."