The Croatian star has urged his former team-mate to join him at Los Blancos.
The former Tottenham midfielder has called on Welshman Gareth Bale to join him at Real Madrid.
When in charge of Spurs, Harry Redknapp said Bale could play for any team in the world.
“Harry is right – it would be amazing for Gareth to come and play for Real Madrid,” said Modric.
“I think he can do it. He is certainly good enough to play at the highest level. I hope he will come to us. It was nice to see my old friend Gareth and play against him. He’s a top player. We had a good chat after the game.”
Modric believes a move to Madrid would make Bale a better player as he rates him and Real team-mate Cristiano Ronaldo as the two best wingers in world football.
“It would be even better than now to have Ronaldo and Bale on the wings for Madrid. And it could make Gareth an even better player. For me, they are the best two wingers in the world.”
Modric and Bale came face to face when Croatia played Wales on Tuesday, resulting in a 2-0 defeat for the Welshman. It was the first time the pair came up against each other since Luka’s departure to Madrid in the summer.