Several reports have linked the 29-year-old forward with Barcelona, with the Spanish giants reportedly keen to sign Torres for £17m.
But the Standard claims Atletico Madrid would also be interested should Chelsea make it clear they're open to offers for the Spaniard.
Diego Simeone's side have the cash required to fund a bid for their former captain after selling Radamel Falcao to Monaco for £50m.
While Barcelona have reportedly pencilled Torres in for the role of super-sub, Atletico Madrid would be able to offer the forward first-team football next season.
His future at Chelsea is unclear, with incoming boss Jose Mourinho linked with several strikers, including Napoli's £53m forward Edinson Cavani.
Mourinho has intimated he's keen for talks with Torres to discuss his future, but the 29-year-old is currently on international duty with Spain at the Confederations Cup in Brazil.
Torres enjoyed his best goalscoring season at Stamford Bridge last term, but he still managed just eight in the Premier League.
Speculation continues to mount that the Blues will trigger Cavani's release clause, which would see Torres face a fight for minutes with Demba Ba and Romelu Lukaku.
The £50m signing has also been linked with a reunion with Rafa Benitez at Napoli, but it seems he'd prefer a return to Spain should he leave the Blues.