Chelsea have spent big this summer with the addition of Timo Werner, Ben Chilwell, Thiago Silva and Hakim Ziyech and have been tipped to challenge Liverpool and Manchester City for the title.
But Torres, who played for Liverpool and Chelsea, doubts the London side can keep pace with the top two.
‘I think they are building a fantastic team, not just for this season, but for the future,’ Torres told talkSPORT.
‘They are building a very interesting squad but they are young, and you can see Frank [Lampard] can manage a young team as he did last season in a brilliant way.
‘They will be close but I don’t know if they can compete with Liverpool and Man City.
‘Hopefully they can go for the Premier League right until the end.
‘I think Liverpool will still be stronger than Man City or Chelsea.
‘In the next two or three years, the Premier League, again, will be the top league in the world.
‘The future stars are going there. It’s an exciting moment for Premier League fans.’
Man City’s strong end to last season has them favourites to reclaim the title from Liverpool, who lifted the trophy for the first time in 30 years during the summer.