The Gunners are open to letting Torreira move on during the current transfer window and the former Sampdoria man has been strongly linked with a return to Serie A.
Torreira arrived at the Emirates Stadium two years ago from Serie A outfit Sampdoria in a deal worth £26m.
A move back to Italy is potentially on the cards for the 24-year-old and, according to Italian daily Gazzetta dello Sport, Roma and Arsenal are talking about a swap.
The proposed deal would see Diawara move to the Emirates Stadium and Torreira head to the Italian capital; it would also help each side on their balance sheet.
Arsenal and Roma are claimed to enjoy a good relationship which has made the player exchange a realistic prospect.
If the move happens then Torreira will be hoping to breathe life into his stalled career, while Diawara could take the next step in his career under Mikel Arteta in the Premier League.
Diawara has not convinced at Roma since he joined the club and may relish the chance to put his career back on track in the Premier League.