Croatian international Modric is poised to join the Spanish champions after travelling to the Santiago Bernabeu after the two parties agreed a £27.5 million deal.
Spurs are now hunting a replacement with manager Andre Villas-Boas set to raid his former club for Moutinho with the duo lifting the 2010-11 Portuguese Supercup, Portuguese League, Portuguese Cup and the Europa League during their year together.
The Portugal international, who starred for his country at the European Championships earlier this year, has been heavily linked with a move to White Hart Lane and a reunion with Villas-Boas.
Moutinho admits it is a dream to test himself in a new league and is tempted by a move to the North London club but remains in the dark over any potential transfer.
“I will continue to work,” he told RTP. “If an offer arrives, and it is good for both parties, Porto will, of course, study it.
“I do not know if there is the possibility of joining Tottenham. Every player has the ambition to try new leagues, but I am at Porto and I will continue to work in the same way.”
With the transfer window slamming shut in two weeks Spurs are eager to push through a deal in time but may struggle to match the €40m release clause attached to The former Sporting Lisbon man contract, which expires in 2015.
Chairman Daniel Levy will reportedly allow Villas-Boas to use the funds amassed by the sale of Modric to move for Moutinho and will hope to negotiate a lower price.
He came on as a substitute in Porto’s 1-0 victory against Academica de Coimbra in the Portuguese Supercup on Saturday in what could be his last game for the club.