The Spain international has continued to struggle for form this season, managing a modest 16 goals in 49 appearances in all competitions, after completing a record £50m move from Liverpool in 2011.
Chelsea have been heavily linked with a swoop for Atlético’s prolific Colombia international Radamel Falcao, who scored a hat-trick in a 4-1 win against the Blues in the Uefa Super Cup back in August.
Simeone has previously stated his desire to keep Falcao but the Atlético manager says he would be interested in a deal to bring the 29-year-old Chelsea forward back to the Spanish capital.
“Fernando Torres is currently playing for another team. We have to wait for the season to finish and decide which of the available players could come here and do a good job,” the Atlético coach told Onda Cero.
“Fernando knows about the club’s history, what it means to play here and I don’t need to speak about his ability.
“We were team-mates [from 2003 until 2005]. I know how important he can be.”
Torres scored 91 goals in 243 appearances for Atlético Madrid before completing a move to Liverpool in a £20m deal in 2007.