According to the Daily Mail, Liverpool scouts have been following the 18-year-old since last year while Chelsea have also been monitoring his progress.
As well as racking up nine first-team appearances for his club this season, Torres has scored twice in five appearances for Spain's under-19 side after earning his debut for them at the beginning of this year.
La Liga leaders Barcelona are also sure to be a concern for Liverpool in their hopes to sign Torres, and their reliance on wingers may tempt the youngster toward the Camp Nou.
The Premier League duo have reportedly been showing interest in the Valencia youngster.
But it is clear Valencia are housing one of the brightest young talents in the game.
Torres is naturally a right-midfielder but can play anywhere across the front line, meaning he will enjoy the freedom now awarded to Mohamed Salah, Roberto Firmino and Sadio Mane.
"He is 18 years old and did very well against France in the global break for Spain Under-19s even though they did not make the European Championships", Balague told Sky Sports.
"They renewed his contract until 2020 and put in a buyout clause of 25m euros, but Liverpool and others are keeping a close eye on him".