The Spaniard played in the Premier League for Manchester City but he was sold by Pep Guardiola's side to Barcelona in 2022.
The Gunners manager is keeping tabs on the attacker but face competition from fellow Premier League clubs Newcastle United and Aston Villa.
The former Man City man has been unable to cement his place in the Barcelona starting line up under manager Hansi Flick.
He has only started five league games this season and scored just one goal and the report has suggested that the La Liga giants would not be opposed to the idea of letting the attacker leave the club.
Torres enjoyed an impressive spell at the Camp Nou under former manager Xavi but Hansi Flick's arrival at the club has worked against him.
Arsenal, Newcastle and Aston Villa are all monitoring the 24-year-old Spain international and he could come back to the Premier League if he pushes for a move away from Barcelona.
The player, however, has no intention to leave the La Liga giants and is happy to remain at the club even as a squad player.
The Premier League clubs will not make a move for him unless they get an indication from the player that he is keen on the move.
A place in the starting line up at Barca in not possible for Torres at the moment with Robert Lewandowski, Raphinha and Lamina Yamal all playing some of the best football of their career.
The Spaniard is a versatile player who can play anywhere across the front line and he is someone who would add depth to the Gunners squad.
Injury to Bukayo Saka this season has shown that the Gunners lack depth in their front line and they need a creative option upfront.
Raheem Sterling has not had the effect that the North London club expected from the English winger and the right-wing position is an area where they depth. Their interest in Bournemouth's Antoine Semenyo shows that the Gunners are looking to add attacking firepower to their squad.
It all depends on what the player wants but Arteta and Arsenal should consider a move for the attacker and the fact that Barca would be open to entertain offers could work in their favour.