The Spain international burst onto the scene with the Yellow Submarine last year and ended the 2020-21 season with a Europa League title to his name.
Torres has continued his development under Unai Emery this season and was another integral cog in the Villarreal machine that progressed to the semi-finals of the Champions League.
The 25-year-old ended the 2021-22 season having made 47 appearances in all tournaments for Villarreal, scoring six goals and providing one assist in the process.
Torres also played every minute of Villarreal's Champions League campaign before their exit to Liverpool in the final four, and he is thought to be a long-time target for Man United.
However, Sport claims that newly-crowned Premier League champions Man City have not given up hope of luring the centre-back to the Etihad Stadium this summer.
The report adds that Villarreal are preparing for the prospect of beginning the 2022-23 season without Torres, whose deal at La Ceramica only has two years left to run.
Tottenham Hotspur supposedly failed with a €50m (£42.3m) offer for Torres last year, but the Lilywhites could now reignite their interest after sealing Champions League qualification.
Furthermore, Chelsea - who are preparing to wave goodbye to Antonio Rudiger and Andreas Christensen this summer - could also make a move for Torres if their proposed takeover goes through in time.
Torres played the full 90 minutes as Villarreal defeated Barcelona 2-0 at Camp Nou on the final day of the La Liga season on Sunday - his 134th match for the Yellow Submarine since rising through the youth ranks.
Torres has 11 goals and five assists to boast for Villarreal at senior level, and Emery's side ended up in seventh place in the table after their success over La Blaugrana - making the Europa Conference League playoff round in the process.
Man City have been dealing with injury blows to Aymeric Laporte, John Stones and Ruben Dias in the final few weeks of the season, although only the latter was absent for the title-clinching win over Aston Villa, while Fernandinho has played his final game for the club.
Meanwhile, Man United will be set for a significant summer of change under Erik ten Hag, who was in the stands to watch the Red Devils lose 1-0 to Crystal Palace at Selhurst Park.
Eric Bailly and Phil Jones are both expected to seek pastures new, while Raphael Varane, Victor Lindelof and Harry Maguire have all faced criticism throughout the campaign.
Ajax duo Jurrien Timber and Lisandro Martinez have both been tipped to follow Ten Hag to Old Trafford, and talks have allegedly already been held over a deal for the former.