The 20-year-old has been in impressive form for Los Che during the 2019-20 campaign, scoring six goals and providing seven assists in 35 appearances in all competitions.
Barcelona had been strongly linked with the Spaniard but have now allegedly withdrawn from the race.
According to The Mirror, Liverpool are also keeping tabs on Torres as they weigh up a swoop during this summer's transfer window.
The release clause in the attacker's current deal is believed to stand in the region of €100m (£92.8m), but Valencia are said to be struggling to convince him to extend his contract, which expires in June 2021.
Real Madrid, Juventus and Manchester City are also thought to be admirers of his talent. body check tags ::