The Blues made several attempts to sign midfielder Modric during the summer, only for Spurs to turn down their advances.
Reports this month had claimed that Redknapp may be willing to part with Modric, but only if Torres headed to White Hart Lane.
However, the veteran boss has insisted that he has no interest in allowing the Croatian international to leave his club.
"No I have never heard that one," he said when asked about a potential Torres-Modric swap.
"I think Torres is starting to look the player that we all know he can be, the player he was at Liverpool - he is a top player, no doubt about it.
"But there is no way he is coming to Tottenham and no swap deal is in the offing for Luka Modric. I think they will get the best out of him."
Torres joined Chelsea last January for £50m, while Modric signed for Spurs in 2008.