The Reds are believed to be in the market for attacking additions next months, with the sale of Luis Suarez over the summer and Daniel Sturridge’s injury woes having left Brendan Rodgers short of options.
Balotelli was snapped up to score the goals needed, but the Italian is yet to find the net in Premier League action, which has prompted talk of a swift return to Italy, with Napoli keen on a loan deal.
And Liverpool are reportedly interested in replacing ‘Balo’ with Torres.
The Spaniard is rumoured to be on the verge of leaving AC Milan, with the Serie A giants thought to be considering cutting his two-year loan spell from Chelsea short in January after growing frustrated with his return of one goal in ten games in the red and back shirt.
The Blues are unlikely to wasn’t the 30-year-old back, which could allow the Anfielders to tie up their own temporary move.
Torres enjoyed a stunning spell at Liverpool between 2007 – 2011, netting 65 goals in 102 Premier League outings.
He was then sold to Chelsea in a record breaking £50m deal, which has gone down as one of the worst transfer deals of all time.