We are facing an atypical end of the season due to Real Madrid's participation in the new Club World Cup, and this leads to decisions being made that wouldn't have been made before. For some time now, the departures of both Modric and Lucas Vázquez have been considered practically certain. Despite this, in the last few hours, there seems to have been a change of plans, with Florentino giving the green light to both renewals.
Modric and Lucas Vázquez for the Club World Cup
AS has revealed that Florentino has renewed the contract of Modric and Lucas Vázquez with Real Madrid, but with a catch. He has done so only for two weeks, ensuring their continuity until July 13, when the Club World Cup will have already ended.
Until now, the bond of both veteran players with Real Madrid was ending on June 30, but this has changed. Now, it coincides with the end of the current season, which will be when the white club finishes its participation in the FIFA World Cup.

Due to this competition with atypical dates (from June 15 to July 13), FIFA has asked the participating clubs to agree with their players on "brief renewals". More than a renewal as such, we are talking about friendly agreements, which is what has happened at Real Madrid with Modric and Lucas Vázquez.
Both are heavyweights in the locker room, having the role of captains. They deserve to finish the season and they already have it agreed, staying until the last possible day.
Lucas Vázquez Won't Continue at Real Madrid
When the World Cup ends, the season will officially conclude and there are decisions that have already been made. Once this happens, Lucas Vázquez's contract with Madrid will end and he won't be renewed. The decision has already been made, giving him the freedom to look for a new team to play for next season. With Carvajal recovered and the signing of Arnold, the veteran youth player has been left without a spot in the squad.

What will happen with Modric is still hanging in the air. Everything points to the Croatian also leaving Real Madrid, but it is not out of the question that he stays for one last year. At all times, his intention has always been to play the next World Cup with Croatia having worn the white Madrid jersey. From there, his idea is to retire. Florentino has the upper hand, and, for now, there is still no firm decision.