All hope may not yet be lost in Manchester United's pursuit of Luka Modric. Reports in recent days have suggested that the Tottenham playmaker was close to agreeing a move to Real Madrid, but while this may be true, United is still very much in the running.

That's the situation according to respected Spanish journalist Guillem Balague. On his blog, Balague reports that Real have agreed personal terms with Modric, but the Croatian is waiting to see if United make a firm move. Thus far United is said to have been perturbed by Spurs' valuation of the player at £40 million.

Yet, according to Balague and the Spanish press, Modric understands that he has a much better chance of guaranteed first-team football at Old Trafford rather than at the Bernabeu.

Chelsea and Paris Saint-Germain are also interested the in the 26 year old.

There have also been developments reported in the future of another of United's apparent top transfer targets. Portuguese publication O Jogo has claimed that Porto is seeking €45 million (currently £36 million) for winger James Rodriguez, however United are currently only prepared to offer €36 million (£29 million).

Rodriguez, 20, has made a name for himself as one of the most exciting wide man in world football. Last season the Colombian scored 13 goals in just 20 league appearances for the Portuguese Liga champions.

The Daily Mirror has also reported on the story, suggesting that United could also include midfielder Anderson in any deal for Rodriguez.

Over recent days, Borussia Monchengladbach's Juan Arango has emerged as an alternative to Rodriguez on the left wing. The 32-year-old, who is also thought to be interesting Juventus, had suggested that his future remained up in the air this summer.

However, Arango's agent, Salvador Maestro, has reportedly told Venezuelan publication Correo del Orinoco that his client has not spoken with either United or the Turin giants.

United is also thought to be chasing a left-back this summer. Fabio is set to leave on loan next season and Ferguson may well be looking for someone to provide competition for, and perhaps even be a long-term replacement for, Patrice Evra.

One of the chief contenders to fulfill that role appeared to be Spain's first-choice left-back Jordi Alba. However Barcelona president Sandro Rosell confirmed on Tuesday that reports suggesting the Catalan giants were in talks with Alba were in fact true.

Spanish publication El Mundo Deportivo claims on Wednesday that Alba could complete his move to Barcelona in a matter of days.