Chelsea have re-entered the race to sign Tottenham Hotspur star Luka Modric, according to a report in the Daily Mail. The Croatian midfielder was Chelsea's number one transfer target during last summer's transfer window but despite the Blues offering bids reportedly in the region of £30-40 million for the then 25-year-old, Spurs were unwilling to sell their prized asset. However this summer, Spurs chairman Daniel Levy is more open to letting Modric leave as after missing out on Champions League qualification funding for the second season in a row, Levy knows he needs funds to rebuild his squad under new manager Andre Villas-Boas. A bid in the range of last year's offers will likely be accepted this time around and we have already reported that Spurs have begun looking for possible replacements. Spanish champions Real Madrid are favourites to sign Modric and reports last week were that manager Jose Mourinho was closing in on his top priority target of the summer. However Chelsea's owner Roman Abramovich will make an 11th hour bid to try and hijack the move to finally bring Modric to Stamford Bridge, according to the Mail. The newspaper also has the theory that Modric's sale will free up funds for Spurs to sign £15 million rated Emmanuel Adebayor (who was a star last season on loan at White Hart Lane) and will clear funds and take a significant player off the wage bill for Manchester City to make a big offer (said to be as high as £30 million) to fund Robin Van Persie's move from Arsenal.