The Colombian striker is rated at £45million, with his prolific form for the La Liga outfit making him one of the most wanted players in world football at the moment.
Roberto Di Matteo faces fierce competition for the 26-year-old's future, with big-spending Paris Saint Germain - managed by former Stamford Bridge boss Carlo Ancelotti - and reigning Premier League champions Manchester City both monitoring his situation.
However, the Daily Star Sunday has been told that the Spanish club would prefer a deal which would see them re-sign Torres as a ready-made replacement at the Vicente Calderon Stadium.
Torres made his name at Atletico - where he scored 75 goals in 174 league appearances - before moving to Liverpool, from where he made a sensational £50million switch to Chelsea.
He was an instant hit at Anfield after netting 24 Premier League goals in his first season, but has failed to recapture his early form with Liverpool at the Blues, after moving to west London in January 2011.