Spanish federation rules at that time stated that players must serve a suspension in the competition in which the offence was committed, although since March 2015 bans picked up in the Super Cup have been served in subsequent La Liga games.
Real Madrid have stepped up their preparations ahead of their first-leg Super Cup clash with rivals Barcelona on Sunday.
Modric will be free to return for the second leg at the Santiago Bernabeu on Wednesday.
Probed on how close he is to agreeing fresh terms, the 25-year-old told reporters: "It will be done soon, we're very close".
It's also worth bearing in mind that last season, Barcelona had a vastly superior goal difference to Real Madrid's - +79 to +65, so this model is predicting a huge swing on that account.
One of the keys to Madrid's Champions League and Spanish league titles last season was the decision by coach Zinedine Zidane to limit Ronaldo's minutes during the long campaign. "This is going to be a hard year because already on Sunday we have a complicated match".
Furthermore, Los Blancos have agreed to include an stunning €700m release clause in the deal in order to avoid the same scenario that recently saw Barcelona losing Neymar to PSG.
This will be the first major test for new coach Ernesto Valverde, who replaced Luis Enrique at the start of the summer and a win would go a long way in easing the pressure on the former Athletic Club Bilbao boss.
"Cristiano is ready and he is doing really good, he has had vacations and has been with us for five days now, he has worked a lot physically during his holidays so he is ready to play with us".