Jose Mourinho's side are two points off Premier League leaders Arsenal and have taken three points from a possible six in the group stages of the Champions League.
However, Torres, who has scored twice in all competitions this term, has backed Chelsea to threaten on all fronts.
Fernando Torres is 125/1 with bet365 to be the top scorer in the Champions League
"We have a great squad and we have to think positively.
"The main thing is to go step by step. We can't say we're just going to focus on the Premier League and Champions League.
"We should just think about winning the next game, in winning the next three points, scoring goals, working hard and doing well when we have the chance.
"We want to finish with a trophy. The Premier League would be great, the Champions League even better, both of them massive and a few cups, why not?"
However, Torres is under no illusions as to the level of competition in the Premier League this season, suggesting it is more competitive than any other division in European football.
"It’s very difficult. The league is different than any other," he continued.
"It’s more competitive, there are not just two or three teams, there are five or six all with the chance if not to win, to qualify for the Champions League."