Chelsea tried desperately to bring Modric to Stamford Bridge during the summer, but were unsuccessful with a number of bids for the Croatian.
The Blues were reported to have offered as much as £40 million in an attempt to capture Modric, but Spurs maintained their desire to keep hold of the 26-year-old.
Despite Spurs insistence that the midfield maestro remains off the market, Chelsea are once again being linked with a move for his signature before the close of the transfer window.
Andre Villas-Boas is reported to be prepared to allow Torres to move to White Hart Lane in exchange for Modric, but Redknapp would not be interested in such a deal, should it be mooted.
"No I have never heard that one," said the Spurs boss.
"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 that 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."