The Blues have had offers of ?22million and ?27m rejected for the Tottenham playmaker this summer.
Spurs have repeatedly insisted Modric is not for sale but the Croatia star handed in a transfer request, accusing chairman Daniel Levy of reneging on a gentleman's agreement to allow him to leave.
Third time lucky? Chelsea are weighing up a fresh bid for Luka Modric (left)
Gourlay said he would now discuss with new Blues boss Andre Villas-Boas whether the club should make a third bid for Modric or abandon their immediate plans to sign the 25-year-old.
Speaking at the end of their pre-season tour of the Far East, which saw them lift the Barclays Asia Trophy in Hong Kong, Gourlay told Sky Sports News: 'I don't like talking about players from other clubs, but that's something we'll look at during the week and we'll take it from there.
'We really need to sit down with Andre and talk this through. Even though we've been travelling away, you can still be active in the marketplace nowadays.
'The communication is always there with our guys back in London or wherever they are at the present time around the world.'
Decision time: Andre Villas-Boas
Big-money signings have been conspicuous by their absence at Chelsea so far this summer, with Villas-Boas keen to assess his current squad and avoid panic buys.
The Blues have won all of their pre-season games under the Portuguese without conceding a goal, gradually improving the level of their performances.
But there is little doubt they would benefit from greater subtlety in midfield, something that could be provided by Modric, who missed Tottenham's friendly at Brighton on Saturday through illness.
As well as Modric, Chelsea have been heavily linked with Palermo playmaker Javier Pastore - who is reportedly on the brink of joining Paris St Germain - and Anderlecht striker Romelu Lukaku.
Already signed is Belgian goalkeeper Thibaut Courtois, with the 19-year-old immediately loaned out to Atletico Madrid, while Chelsea have also had a bid accepted for Barcelona midfielder Oriol Romeu, who could help fill the void left by the serious knee injury suffered by Michael Essien.
The Blues play one more pre-season friendly - at Rangers on Saturday - before the start of the Barclays Premier League campaign.
Villas-Boas has had less than a month to impart his ideas to his players but there are signs his messages are already getting through, chiefly that of encouraging them to take more responsibility on the field.
Freedom: Daniel Sturridge is enjoying life under his new Chelsea manager
Daniel Sturridge, who spent the second half of last season on loan at Bolton, was quoted in the Guardian saying: 'The manager has given me licence to express myself. I've never had that before with any manager. He's let me off the leash, if you like, and not just me: everyone feels like that.'
Midfielder Frank Lampard added: 'You all want to impress. He has been assessing the players, and, personally, I want to impress him now at the age of 33, just the same as I did with a new manager when I was 22. Simple as that.
'We are here to impress as individuals, and we want to make the group successful.
'There is a nice freshness about the team and the squad, and the players who maybe were not sure they were going to stay, or players that were on loan, or young players that have come through, are getting a sniff now.
'We all want to do well here - I think we have got a strong squad, and if the manager adds to it and that makes us stronger then we will all be happy. It remains to be seen in the time to the end of the window. That's the manager's decision.'
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Source: Daily Mail
Source: Daily Mail