Torres was a huge fan favourite at the Vicente Calderon after coming through the club's youth ranks and made over 200 appearances for the first team between 2001 and 2007.
The Spain international then enjoyed a successful spell with Liverpool before moving to Chelsea in January 2011 for a then-British record £50 million fee.
After struggling to reach top form during his near three-year stay at Stamford Bridge, Torres was shipped out on a two-season loan to Serie A giants Milan in the last transfer window.
However, the move to San Siro has failed to help him rediscover his goalscoring touch and he has just one goal in 10 Serie A appearances.
Reports have circulated that Milan could look to end his stay prematurely, with Atleti ready to pounce - but head coach Simeone would not be drawn on the rumours.
"We must to be respectfull with my squad," he said. "Despite how important a player Fernando is.
"I can't speak about other players because it wouldn't be fair for my players. I just have to focus on my guys."
Simeone also confirmed that centre-back Miranda will return to Atleti's squad for Sunday's Liga clash at home to Villarreal, after missing the past month with a hamstring injury.
