The highly-rated 18-year-old has broke into Valencia’s first team this season and has impressed in his seven appearances.
Barcelona and Real Madrid have both been linked with the forward and were rumoured to be making a move in the winter transfer window.
However, a bid did not materialise from either side and Torres remained with La Liga’s fourth-placed side.
According to Spanish outlet Don Balon, Barcelona have since tabled an offer but Valencia understand that Real will now react with a counter-bid.
Torres is tipped to be one of the next great players in his homeland and he is said to desire a move to the Bernabeu.
But Don Balon add that the Spaniard does not want to repeat what happened to Marco Asensio, who has been given limited gametime since moving to the capital.
Real will have to stump up a significant fee if they are to prise him away from Valencia.
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