David Gold and David Sullivan have revealed the Championship club attempted to bring in the Spaniard on loan as well as being knocked back after enquiries for the Argentine
The Spain striker, who has scored just four goals this season, was a target for the Championship club in the winter transfer window, although the Hammers were knocked back following an approach for the former Atletico Madrid striker.
Sullivan told the West Ham Till I Die blog: "We tried to get Torres from Chelsea.
"Well if he couldn't score in the Premier League, come along with us for a month. We might fire him up! They just said 'not at this moment in time'."
The Hammers co-owner also revealed that West Ham failed with three attempts to land out-of-favour Manchester City forward Carlos Tevez.
"Three times we asked. Three times they said 'no chance'," Sullivan added.
Gold, meanwhile, confirmed that the promotion-chasing east London club made a loan offer for under-fire Spain international Torres.
He Tweeted: "We tried to bring him in on a short term loan."