The Croatian international was signed by Mourinho during his time in charge of Los Blancos and after a difficult start to life in the Spanish capital, the 28-year-old has become a key part of the squad at the Bernabeu.
However, despite his importance to his current club, Francis Gallardo believes that Mourinho is keen to secure a return for the Tottenham Hotspur player to London, with Brazilian playmaker Oscar potentially moving in the opposite direction.
"This could be a possibility. Mourinho is a fan of the strong Real Madrid star. He knows Modric will be expensive and would be happy to exchange a pretty good player Chelsea. The player Mourinho wants at Chelsea is Modric and he is willing to include Oscar plus cash in the transaction," Spanish television station La Sexta quotes Gallardo as saying.
Modric has made 38 appearances in all competitions for Madrid this season, scoring two goals.