Chelsea have seen a bid in the region of £35million rejected by the Anfield side and Liverpool have also dismissed Torres' transfer request, which he handed in hours after the Reds landed Uruguay international striker Luis Suarez.
The Stamford Bridge side are all set to make another move for Torres but Liverpool have told the striker they expect him to honour his contract, with Torres' current deal set to expire in 2013.
"Fernando Torres tonight submitted a written transfer request, which has been rejected by Liverpool," the club said in a statement.
"Fernando is under long-term contract and the club expect him to honour the commitment he made to Liverpool FC and its supporters when he signed the agreement."
The transfer window closes on Monday and Liverpool remain confident they can keep hold of Torres until the deadline has passed, meaning the 26-year-old striker should remain a Liverpool player until at least the end of the campaign, although Chelsea are expected to renew their interest in the summer.