diff --git a/ctools_automodal.module b/ctools_automodal.module
index e706bc2..df967b2 100644
--- a/ctools_automodal.module
+++ b/ctools_automodal.module
@@ -16,8 +16,9 @@ function ctools_automodal_module_implements_alter(&$implementations, $hook) {
  * Implements hook_menu_alter().
  */
 function ctools_automodal_menu_alter(&$items) {
-  $modal_paths = array();
+  $modal_paths = $modal_regexp_pieces = array();
 
+  $all_paths = array_keys($items);
   foreach ($items as $path => $item) {
     if (!empty($item['modal']) && strpos($path, '%ctools_js') === FALSE) {
       if ($item['page callback'] == 'drupal_get_form') {
@@ -33,29 +34,60 @@ function ctools_automodal_menu_alter(&$items) {
         $items["$path/%ctools_js"]['page arguments'][] = substr_count($path, '/') + 1;
         $items["$path/%ctools_js"]['type'] = MENU_CALLBACK;
       }
-      $modal_paths[] = preg_replace('/%[^\/]*/', '*', $path);
+      // Convert modal paths to regexp, replacing arguments with wildcards.
+      $modal_regexp_pieces[] = _ctools_automodal_menu_alter_regex($path);
+      $modal_paths[] = $path;
     }
   }
 
-  variable_set('ctools_automodal_paths', $modal_paths);
+  // Store the regexps matching modal paths in variables for use in
+  // hook_preprocess_link().
+  if (!empty($modal_paths)) {
+    $modal_regexp = '@^' . implode('|^', $modal_regexp_pieces) . '@';
+    // Look for non-modal paths matching our regexp.
+    $matches = array_map('_ctools_automodal_menu_alter_regex', array_diff(preg_grep($modal_regexp, $all_paths), $modal_paths));
+    if (count($matches)) {
+      // If any are found, store them so we will not erroneously match them in
+      // hook_preprocess_link().
+      $not_modal_regexp = '@^' . implode('|^', $matches) . '@';
+    }
+    else {
+      $not_modal_regexp = '';
+    }
+  }
+  else {
+    $modal_regexp = $not_modal_regexp = '';
+  }
+
+  variable_set('ctools_automodal_regexp', $modal_regexp);
+  variable_set('ctools_automodal_not_regexp', $not_modal_regexp);
+}
+
+/**
+ * A helper function that matches a path in ctools_automodal_menu_alter().
+ */
+function _ctools_automodal_menu_alter_regex($value) {
+  return preg_replace('/%[^\/]*/', '[^/]+', $value);
 }
 
 /**
  * Check if an internal Drupal path should be converted to a modal link.
  */
 function ctools_automodal_is_path_modal($path) {
-  static $modal_paths_regex;
-
-  if (!isset($modal_paths_regex)) {
-    $modal_paths = variable_get('ctools_automodal_paths', array());
-    foreach ($modal_paths as &$modal_path) {
-      $modal_path = preg_quote($modal_path, '/');
-      $modal_path = str_replace('\*', '.*', $modal_path);
-    }
-    $modal_paths_regex = '/^(' . implode('|', $modal_paths) . ')$/';
+  $modal_regexp = variable_get('ctools_automodal_regexp');
+  $not_modal_regexp = variable_get('ctools_automodal_not_regexp');
+  if (!$modal_regexp) {
+    // If there are no paths to match, return here.
+    return FALSE;
   }
-
-  return (bool) preg_match($modal_paths_regex, $path);
+  elseif (!$not_modal_regexp) {
+    // There are no similar paths to worry about, so just check the path
+    // against the modal regexp.
+    return preg_match($modal_regexp, $path);
+  }
+  // This path is modal if it matches the modal regexp and does *not*
+  // match any of the non-modal paths.
+  return preg_match($modal_regexp, $path) && !preg_match($not_modal_regexp, $path);
 }
 
 /**