Vazquez insisted Real "won't get worked up" over speculation about the 32-year-old's future and suggested he is confident his team-mate will stick with Julen Lopetegui's side. We've enjoyed having him and we'll continue to do so'.
Madrid president Florentino Perez has made it clear the club have no plans to lose Modric, however, saying only an outlandish bid of £660m would be enough.
The report claims that Chelsea have reached an agreement with the player and the deal will be announced at some point on Tuesday.
Inter manager Luciano Spalletti has confirmed the Nerazzurri's intentions to sign Modric before the transfer window closes at the end of August, but Financial Fair Play (FFP) concerns looked like a significant stumbling block.
"What I told him is ultimately private but what I feel is that he's a player that I love watching and I'm thrilled to have him and ultimately I think he'll be very happy to be on the team".
'Modric is an extraordinary player, we await him with open arms.
The Spanish giants have identified Miralem Pjanic as his replacement, who one of the best midfielders in world football right now.
Modric has been a vital cog in Madrid's midfield over the last few years, helping them to three successive Champions League titles.