If he does, Levy will turn it down flat.
Let me throw another item into the mix: the old adage "business is business" doesn't always apply in the world of football. So even if Spurs were minded to sell Modric, Chelski is the last club on the planet they'd deal with ... apart from Arsenal of course.
I'll tell you exactly what's going to happen and the order in which they'll happen:
1) Some bright spark is going to add an item 9) to this list.
2) Modric will return to pre-season training, Harry will throw his arms around him and make him feel better with a big hug or two.
3) Modric will be offered a new 5 year contract, with a significant pay rise, albeit far less than what Chelsea would pay. This will contain a clause saying he can go next summer IF Spurs don't qualify for the CL AND IF amount X is bid (or in Chelsea's case amount X times 2).
4) Modric will be quietly impressed with one or two of the signings we've made this summer. *
5) Modric will knuckle down quite happily and play the best he can.
6) GlastonSpur will collect £105 in winning bets from 4 Caftards.
7) RedCafe will be filled with revisionist posts saying, "well, I never really thought he'd be sold".
8) In September a new Modric-to-United thread will appear concerning the January transfer window.
* Don't hold me to this one
That's all fine, but you're basing all of it on this supposed Chelsea-Tottenham rivalry. What if another club - with the capability to increase his wages and offer Champions League football, comes in with a bid?