Arsenal are open to offers to let the midfielder go as Mikel Arteta wants to bring in fresh reinforcements for the middle of the park as part of his plans to reshape the squad.
The former Sampdoria man was heavily linked with a move to Italy, with Torino and Fiorentina pushing to take him away from Arsenal in the ongoing transfer window.
But it seems the Uruguayan could be on his way to Spain with Atletico Madrid interested in getting their hands on him.
Atletico Madrid were reportedly unable to move for Torreira until they could sell Hector Herrera but according to Italian outlet Tutto Mercato, the Arsenal man is close to joining Los Che.
The two clubs are believed to be in advanced negotiations for the midfielder and a deal could be agreed by the end of Thursday.
It is likely to be a loan deal with an option to buy and Torreira is said to be on his way to the Wanda Metropolitano.
Diego Simeone is believed to be a fan of the tenacious midfielder and is pushing Atletico Madrid to get the deal over the line soon.
