Villa, 30, who has fallen out of place in Tito Vilanova's starting line-up for Alexis Sanchez and a reported bust-up with Lionel Messi after the 2-1 loss to Celtic in the UEFA Champions League, is an easy target for Roberto Di Matteo.
Chelsea have cooled down talks about the transfer of Radamel Falcao and the £46 million price tag for the Colombian is way too much while they can sign the former Valencia hitman on a bargain.
Moreover, Chelsea will be keen to partner Villa alongside Torres who have had a successful spell with the national side.
With Barcelona eyeing moves for Falcao and Brazil sensation Neymar, Villa is likely to continue his career elsewhere.
Since making the £30 million move from Valencia in 2010, Villa has scored 38 goals in 89 appearances and has won his first La Liga and UEFA champions League.