Inter are set to compete in the Champions League for the first time in six years following their win over Lazio on the final day.
As a result, the Italian club are said to be focusing heavily on strengthening their midfield this summer.
Sky Sports also claim that while Modric is the preferred target, Inter have also earmarked Bayern Munich's Arturo Vidal should they fail to agree a deal with the former Tottenham star.
The Croatians were beaten 4-2 by France in the World Cup final but Modric feels his country were in fact the better side.
Real Madrid fans 'want Harry Kane' says Michel Salgado
Real Madrid transfer news: Luka Modric is action for Croatia at the World Cup (Image: GETTY)
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“Of course I’m proud - but what I wanted to achieve was the World Cup trophy,” he said after the game.
“I wanted to win THAT, for Croatia. It didn’t happen. That’s it, that’s it.
“We all have the same sensation, that we were unlucky. We played well and were the better team but sometimes the better team doesn’t win.”