A modular tool for use in subterranean formations includes a first module, a second module and one or more connectors for connecting the first and second modules. In particular, the first module includes a first collar that at least partially defines an exterior of the tool and that includes a first engagement mechanism at a first end of the collar and a second engagement mechanism at a second end of the collar. The first module also includes a fluid passageway for passing drilling fluid therethrough. The second module has a similar configuration as includes similar architecture. The one or more connectors facilitate the connection of at least one flowline fluidly connected to an exterior of the tool, and an electrical pathway for transmitting power and/or data between the modules.