Modric, 27, has struggled to adjust life in Madrid and has also admitted his move to the Bernabeu has been 'challenging'.
Reports in Croatia suggest that Modric would consider a quick return to the Premier League with Chelsea, Manchester United and Manchester City ready to sign him.
Modric has only started eight games for Real and made a total of 17 appearances scoring just one goal. The Croatia international has failed to cement his place under manager Jose Mourinho who sticks with Xabi Alonso in the holding role and plays Mesut Ozil upfront behind the strikers.
Another former Premier League star Alex Song, who moved to Barcelona from Arsenal, has failed to fit in the holding midfielders role with Sergio Busquets preferred. The Cameron international was used at centre-back as cover for injured Gerard Pique and Carles Puyol.
Meanwhile, Real won't consider selling Modric in the January transfer market but it more likely to happen at the end of the season with Premier League sides ready to capture while Real have other plans to swoop Spurs' flying winger Gareth Bale.
Although Spurs are holding out a mammoth £60 million valuation for the Welsh winger, Real Madrid have already made Bale their No. 1 target in the summer.
Moreover, Bale could replace star Cristiano Ronaldo as the Portuguese is yet to agree a contract extension with Real Madrid.