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Real Madrid and Tottenham finally make it official, €37 million fee agreed for Modric

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The last of the grand sagas of this summer's transfer window appears to have reached its end game with Real Madrid and Tottenham having come to an agreement reportedly worth â‚¬37 million for the transfer of Luka Modric.

Real Madrid declared the news on their official website this morning stating: "Real Madrid and Tottenham Hotspur have reached an agreement for the transfer of the player Luka Modric, who will remain attached to the club for the next five seasons. Both clubs have also formalised an agreement of collaboration."

It is believed that the aforementioned agreement of collaboration includes Real heading over to Tottenham next season for a pre-season friendly in addition to certain training programs in an attempt to make the offer more lucrative for the North London club, who are not particularly pleased with the final transfer fee.

With the funds not being as substantial as Tottenham would have liked, it appears that they will be able to invest only some of the money and bring in one player at best. With Emmanuel Adebayor having already joined from Manchester City, it appears that Spurs will no longer try to sign another striker in Leandro Damiao, but will instead turn their attention to a versatile playmaker like Shakhtar Donetsk's 24-year old Brazilian star Willian. Willian is unlikely to come cheap though with the Ukranian club hoping to get £20 million for the player.

Andre Villas-Boas' first choice remains Porto midfielder Joao Moutinho, who could play in a deeper role like Modric, but it appears he will not be able to afford the player at all anymore, and will need to settle for Willian.

Meanwhile, one can't help but feel a little releaved for Luka Modric, who after giving his best to the White Hart Lane faithful for a few years is finally getting that chance to step up to the highest level with a Real Madrid side who appear to desperately need him, having picked up just a point from 2 games thus far this season.