The Uruguay international joined Atletico Madrid on loan in October but has struggled to secure a regular role in Diego Simeone’s side.
Torreira has started just two games in La Liga since making the move to Atletico and has only played 420 minutes of football in all competitions so far.
According to AS, Valencia are keen on signing Torreira and the Spanish club are currently in talks with Arsenal’s technical director Edu over a loan deal.
The report claims that Sevilla have also expressed their interest, while Arsenal are ‘worried’ about the little amount of playing time Torreira has been given at Atletico.
Earlier this month, reports in Spain claimed that Arsenal were unhappy with Atletico’s handling of Torreira as they believe the Spanish club are deliberately trying to reduce the midfielder’s valuation as a purchase option was not included as part of the loan deal.
Speaking this week, Mikel Arteta revealed that he has remained in contact with Torreira but conceded that the midfielder has found it difficult to secure playing time due to Atletico’s strong start to the season.
‘I have had some conversations with Lucas,’ Arteta said.
‘He started the loan period really well, now he’s lacking game-time. It can happen, the team is doing exceptionally well.
‘But it’s a long season, I know Lucas’ character, he’s going to try to keep going and pushing. Let’s see what happens with him.’