Modric has revealed that he wants a move to Chelsea and the Blues have already had an initial £22million bid for the Croatia international rejected.
Modric has also been linked with the likes of Manchester United and Manchester City.
“I wish to make it absolutely clear, as I have said previously, that none of our key players will be sold this summer,” Levy told the club’s official website.
“We are building a team for the future to consistently play at the highest level and retaining quality players is crucial to that.
“In respect of Luka Modric, we are not prepared to sell, at any price, to Chelsea Football Club or any other club.
“We made our stance on this issue abundantly clear in writing to Chelsea. They chose to ignore it and then subsequently made the offer public.
“For the avoidance of any doubt, let me reiterate that we shall not enter into any negotiations whatsoever, with any club, regarding Luka.
“We now consider this matter closed.”
