The Spainiard's future was previously in doubt ahead of the meeting, with the striker unhappy at his treatment at the London club, but he is now likely to lead the Blues' attack next season.
"I had a conversation with [Abramovich] and he trusts me," Torres told BBC Sport. "His confidence is total and that is what I needed to keep fighting.
"I would have liked to have played more for my club but the important thing is that everything works out in the end."
|LEADING THE LINE?
He has struggled to play a regular part in the side, however, due to the form of Didier Drogba, who recently announced that he would be leaving the club this summer.
After admitting that he had been through "some of the worst moments" of his career last season, Torres will be now focused on the upcoming Euro 2012, having been called up to the Spanish squad last week.