Real Madrid veteran ready to accept 50 percent wage reduction to renew contract with the club - Reports

Real Madrid midfielder Luka Modric is prepared to accept a significant wage cut to remain in the Spanish capital this summer, according to TeleMadrid. The Croatian agreed to the reduction in a meeting with the club's representatives on Thursday (16 May).

Modric has seen his role in Carlo Ancelotti's side reduced this season, having been an instrumental played for Real Madrid over the years. He has registered 43 appearances in all competitions this campaign, 21 of which have come off the bench.

The 38-year-old's contract with the club expires this summer, leading to speculation over his future at the Bernabeu. However, Modric is intent on signing an extension and plans to retire at Real Madrid, per Diario AS. The outlet also claims that he's willing to continue in his secondary role next season as well.

In order to continue his career with Los Blancos, Modric agreed to a 50 percent reduction in his salary during a three-hour meeting with club president Florentino Perez yesterday, reports Telemadrid.

Real Madrid signed Modric from Tottenham Hotspur in the summer of 2012 for a reported £35 million. The Croatia international went on to become one of the best midfielders of his generation and a club legend.

He has won four La Liga titles, five Spanish Super Cups, and five Champions Leagues. The 38-year-old midfielder could win his sixth European championship and set a new record in the final against Borussia Dortmund on 1 June.

What Luka Modric has said about his future at Real Madrid

Luka Modric has refused to provide a definitive answer on whether he will stay at the club beyond this season. The Croatian insists that it isn't the right time to talk about his future.

Los Blancos celebrated their La Liga victory in the streets of Madrid on Sunday (12 May), after beating Granada 4-0 the night before. Real Madrid have won their 36th league title this season and are currently 14 points ahead of second-placed Barcelona in the table.

Modric, who's contributed two goals and six assists in 30 La Liga appearances this term, spoke to the media after the celebrations ended about his future. He said (via beIN Sports):

"I want to thank everyone for the love they show me every day. I love them too. Well, let's see. It's time to celebrate with the people and my teammates. We'll see what happens.

"It's not the time to talk about that. I want to finish the season well, hopefully come back here again on June 2nd (after the Champions League final) and we'll see what happens in the end."