The Serie A giants are looking for a striker following Mario Balotelli’s £16m move to Liverpool.
“Torres is certainly an important forward and we will see if we can sign him or another player,” Rossoneri vice-president Adriano Galliani told the Italian club’s website.
Milan has also made an offer for Torres’ team-mate, Marco van Ginkel.
Galliani added: “We will see if we are able to acquire an important forward. This is our main aim.”
On Chelsea’s 21-year-old Dutch midfielder Van Ginkel, Galliani said: “It’s possible.
“We have written to Chelsea and are awaiting a response. We are optimistic.”
The Blues paid Liverpool £50m for Spain forward Torres in 2011, which was then a British record.
However, the 30-year-old has not been a success in west London and his chances have been further limited by the arrival of countryman Diego Costa.
The return of Chelsea legend, Didier Drogba, has only added to Torres’ misery at Stamford Bridge.
Last season Torres played in 28 Premier League matches and scored only five goals.
Chelsea signed Van Ginkel from Vitesse Arnhem for an undisclosed fee in 2013. He missed six months of last season with a knee injury.