The Uruguayan midfielder joined the Gunners from Sampdoria in a £23m deal last summer and was impressive in his debut campaign in the Premier League.
Torreira appeared 50 times for the north London outfit and was an instant hit with the Emirates faithful, who warmed to his bullish approach in the heart of the midfield.
However, AC Milan have shown interest in him in recent weeks and with Sampdoria boss Marco Giamaolo close to being appointed at the San Siro, a reunion with Torreira could be close.
And the 23-year-old has done little to quieten speculation on his future after admitting he preferred life in Italy compared to England.