The 25-year-old Croatia international has gone public on his desire to leave Spurs for Chelsea, but has been left frustrated by chairman Daniel Levy's unwavering stance, with the White Hart Lane supremo determined to keep Modric in N17.
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Modric is just 14 months into a six-year contract, and Levy has publicly stated the player will not be allowed to leave the club at any price, a policy backed by Redknapp.
"We don't want to sell him. In my opinion, £27 million is a poor offer for a player of his ability," Redknapp told Sky Sports. "He's not for sale. There's nowhere to go with it.
"I would value him at way way way way in excess of that. But even if they offered that, the chairman says he's not for sale."
Spurs are set to head out to South Africa on Wednesday to continue their pre-season preparation, and despite the ongoing speculation surrounding his client's future, Modric's representative Nikki Arthur Vuksan confirmed the Croatian would be among the traveling party.
"Of course Luka will be going to South Africa. He is a Tottenham player and he has a contract there," Vuksan said.
Modric arrived at Spurs from Dinamo Zagreb in the summer of 2008 and has since gone on to become on the of the Premier League's most respected midfielders, helping Spurs to last season's Champions League quarter-finals.
Manchester United boss Sir Alex Ferguson is also said to hold an interest in the Croatian.
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