The 24-year-old has struggled for minutes since linking up with Diego Simeone’s side, featuring in just seven LaLiga matches.
It was claimed last month that Torreira could be recalled by the Gunners prematurely having failed to make an impact at the Wanda Metropolitano.
And it was stated earlier in January that Torino were set to reignite their interest, having missed out on his signature last summer.
Torreira has also been linked with Serie A outfit Fiorentina – another club that were interested in signing him before he joined Atletico.
According to AS, both clubs are monitoring Torreira’s situation in Spain, along with fellow Italian side Lazio.
However, they claim they are facing stiff competition from Valencia, who have made securing his signature their priority before the window slams shut.
AS claim that Valencia have already made contact with Gunners technical director Edu about a possible
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