Real Madrid reportedly head the queue for the 26-year-old Croatia international, who has been heavily linked with a move away from White Hart Lane for the second summer running.
Yet the club says it has yet to receive an offer which matches their valuation of the playmaker, and without a successful bid they expect Modric to return to training with the rest of the first team.
"The player has to understand that the club can't do anything about other clubs' offers," said Villas-Boas. "We have a value and an interest that we have to defend and we are waiting for if the offer is not met to reintegrate the player.
"It's obviously difficult for him but the chairman is defending the club's interest and value. The player has to understand that we want also to look at this current situation, but the fact that the offer doesn't meet the chairman's demands means we cannot do anything.
"The player is a good professional, and hopefully he will return to the team."
The English Premier League champions are one of the clubs - alongside rivals Manchester United and Italian giants Juventus - who have been pursuing the player since he announced last month he would not be signing a new contract at Arsenal.
But the race for the 29-year-old Holland star has dragged on through the summer, and now Mancini - who has yet to land a signing this summer - admits his hopes of signing the player look slim.
"Van Persie? No, I don't think he will come here," he is quoted in several UK newspapers today.
Stuttgart have signed Bosnian teenage striker Marko Maletic on a three year deal from FC Utrecht.
The 18-year-old, who started his career as a youth player at De Graafschap, has been hotly tipped after impressing with Bosnia-Herzegovina's under 17 and under 19 squads.
"Marko is a young prospect with great goal scoring skills we are out to develop further," said Stuttgart's Jurgen Kramny.
Schalke's director of sport Horst Heldt says he remains confident Klaas Jan Huntelaar will commit to a new deal at the club.
The Dutchman was the Bundesliga's top goalscorer last season with 29 strikes, but his current contract with the Gelsenkirchen club expires at the end of the season.
Talks over a new deal have yet to take place and Heldt says he is waiting for a signal from the 28-year-old that he wants to stay at the club.
"It is up to Huntelaar," he said.
"We want to extend his contract and I believe that it would make sense for both parties."But we need him to be 100% convinced. I cannot force any player to sign a new contract."
However, Heldt believes his club can offer Huntelaar everything he needs to be fulfilled.
Not only is Gelsenkirchen close to the Dutch border, enabling him still to live in his home country and commute, but Schalke have also qualified for the Champions League once again and are one of the contenders for the Bundesliga title.
Crisis-ravaged Malaga have continued their transfer fire sale after selling Venezuela star Salomon Rondon to ambitious Russian side Rubin Kazan.
The Qatar-owned side, who are also expected to sell Santi Cazorla to Arsenal this week, are clearing out players in a bid to keep the club afloat.
Rondon, who scored 27 goals in 72 appearances for the Boquerones, has joined the Russian Premier League side on a four-year deal worth EU13m (Dh 59.2m)
US international Maurice Edu admits he will have to leave Rangers for the sake of his World Cup hopes.
The 26-year-old midfielder has been with the Ibrox side for four seasons, but with the club ordered to start again from Scotland's lowest league this summer, the midfielder admitted his future is away from the club.
The player has already been the target of a rejected bit from French side Sochaux in January, and interest in the midfielder is expected to be high in both Europe and the MLS.