Portugal captain Ronaldo has spent nine years at Madrid, but speculation over a potential €100 million transfer caused Juve's share price to soar last week.
After a report in Italy on Thursday claimed Ronaldo had accepted terms, a source close to the player told ESPN that nothing had yet been decided over his future but said talks could move forward.
Modric, however, believes the 33-year-old will stay with the Champions League winners.
"Let's see what happens," AS reported him as saying. "I don't think he's going to go and I would like him to stay because he's the best player in the world.
"He means a lot and hopefully he will stay. I think he's going to stay -- that's my opinion. It would be very good if he stayed because I can't imagine him in any other European team."
Meanwhile, former Madrid president Ramon Calderon told Tuttomercato: "If Ronaldo were to leave Madrid, he would leave a gap that would be impossible to fill.
"You cannot easily find a champion who, in addition to participating decisively in team play, guarantees more than 50 goals per season, and much more for the past nine years."
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