The Uruguay international spent the last season on loan with Fiorentina bagging five goals and two assists from 31 appearances.
He helped them qualify for the Conference League but the Italian club refused to trigger his permanent buy option.
He is now back at Arsenal, currently training and will be part of Arsenal’s pre-season tour in the United States.
His agent Pablo Bentancur revealed that Valencia are interested in signing the 26-year-old midfielder this summer.
“We have reached an agreement with Valencia, [Gennaro] Gattuso wants him,” Bentancur told 100% Deporte.
“We are gonna discuss with Arsenal. Arteta wants to see him in the pre-season. He had great numbers with AFC but we have a pre-agreement with Valencia.”
The midfielder has 12 months left on his Arsenal and is determined to leave the North London Club in the summer.
“There is no chance. From the beginning, they told me that I didn’t have a place, so I don’t want to stay either,” Torreira told El Telegrafo. “We’ll look for a new direction. Any team that wants me has to buy me, which would be around €15m (£12.9m).”
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