Atleti fans' favourite Torres last week rejoined his boyhood club on loan from Milan until the end of next season.
The 30-year-old striker scored 91 goals in 244 games for the Spanish champions after making his debut at the age of 17 before moving to Liverpool back in 2007.
Torres lost his way after leaving the Merseyside club to join Chelsea, but he is still worshipped by Atleti fans and over 45,000 fans were at Vicente Calderon to welcome home their former captain on Sunday.
The Spain international was given a rapturous reception on his homecoming and he must now turn his attention to rediscovering the form that made him one of the most feared strikers in world football.
Diego Simeone revealed he will assess Torres in training before deciding whether he will don the red and white stripes once again in the Copa del Rey last 16 first leg clash with Real at Vicente Calderon.
With Antoine Griezmann having scored five goals in his last two games, it would be a surprise to see Torres dislodge the France international or Mario Mandzukic in the starting line-up.
Simeone's side have already beaten Real 2-1 in La Liga this season, having also defeated the European champions over two legs in the Supercopa de Espana back in August.
Real knocked their neighbours out of the Copa del Rey en route to winning the competition last year, but they come into the game on the back of seeing their long winning run come to an end on Sunday.
Carlo Ancelotti's side had won 22 games on the bounce before heading to Valencia and that club record was brought to an end as they suffered a 2-1 defeat in their first game of the year.
Barcelona's surprise 1-0 defeat at Real Sociedad later in the day ensured Real remain one point clear of Barca and Atleti at the top of the table, with the champions having beating Levante 3-1 on Saturday.
Brazil defender Marcelo, who returned from injury to face Valencia, is confident Real can put their defeat at the Mestalla behind them and spoil what could be an emotional return for Torres.
He told Real's official website: "I don't think that this defeat will affect the team going into Wednesday. That's another match and we'll be all out to win it. We're going to give our all to win, just like in every game."
Real have reeled off a Copa del Rey record 10 consecutive victories and will be eager to ensure another record run does not come to an end at the home of their city rivals.
Simeone could again be without defender Miranda due to a hamstring injury, while James Rodriguez will be hoping for a recall to Real's starting line-up after being on the bench at the weekend.
