The 26-year-old Spain international, who handed in a transfer request last Friday after the Reds had turned down a £35million bid from last season's Premier League champions, is believed to be in advanced talks about a switch to Stamford Bridge.
Torres found the net 65 times in 102 Premier League appearances for Liverpool following his £26.5million switch from Atletico in July 2007.
Liverpool look set to replace Torres with Andy Carroll after offering a reported £35m for the Newcastle United forward.
Kenny Dalglish had earlier said when asked about Torres' future: "Movement is part and parcel of football. I wouldn't be here if there were no transfers. I started off at Celtic. There are many people who've started off at clubs and moved on. And certainly if Kevin (Keegan) hadn't gone I wouldn't have come here.
"Throughout the history of football people have moved on. But the most important thing that we all must remember is that this football club is much more important and bigger than anybody.
"I don't think we've done too badly. Rushie went in 87/88 and there was a train of thought after that that we had the greatest ever Liverpool team and one of the most attractive to watch.
"Rushie enjoyed Italy that much he came back a year later!
"There are players who have gone but there are an awful lot of players who've come in and been fantastic for this football club.
"The most important people at Liverpool Football Club are the people who want to be here."