It remains to be seen whether Atletico Madrid have the financial resources to sign the attacker, but their coach would welcome his former team-mate with open arms
The Spain international's future at Chelsea is in doubt as he continues to struggle at last year's Champions League winners, and a shock return to Atletico could be on the cards if it is up to Simeone.
"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 Atletico 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."
Simeone also had his say on the Rojiblancos' current star player Radamel Falcao, and insisted he does not know whether the striker will leave the club this summer.
"I'm not Falcao and I'm not his agent. I'm the manager and have the utmost respect for him, because he gave me so much at River Plate and has done the same here," he added.
"He always gives his all and I really respect players who do that. But everyone makes their own decisions in life. Every person is different, and we have to respect each other."
Falcao is continually being linked with a move to Chelsea, while Paris Saint-Germain are believed to be keeping tabs on the Colombia international, too.