Torres has endured a miserable spell at Chelsea and if he is replaced in the summer by the Londoners then he could return home.
“Atletico love Fernando and Fernando loves Atletico,” the Sunday Express quoted an Atletico source as saying.
“He might have to take a wage cut to make it happen, but it would be a match made in heaven if it does.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.