For the second successive summer Modric has been heavily linked with a move away from White Hart Lane, with Spanish giants Real Madrid reportedly heading the queue for the 26-year-old.
However, no interested party has yet come up with an offer to match Spurs' valuation of the playmaker, and if that situation does not change, Villas-Boas expects Modric to return to squad training.
Modric missed Tottenham's recent tour to the United States and also played no part in yesterday's friendly win over Watford as he continues to train seperately from his team-mates.
Villas-Boas said of the former Dinamo Zagreb player: "He's been training separately still, it's important for Luka to feel mentally ready to come back to first-team training. It's important because these boys (team-mates) are at a different level in terms of preparation, concentrating and commitment.
"The player has to understand that the club can't do anything about other clubs' offers, we have a value and an interest that we have to defend and we are waiting for if the offer is not met to re-integrate the player."
He added on Sky Sports News: "We'll try to solve it as soon as possible, obviously its the second time Luca has passed through this situation.
"It's obviously difficult for him but the chairman is defending the club's interest and value. The player has to understand that we want also to look at this current situation, but the fact that the offer doesn't meet the chairman's demands means we cannot do anything and the player is a good professional, and hopefully he will return to the team."
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