The News of the World says the Spanish striker's advisors have told the club's American owners that the player will ignore overtures from across Europe to agree new terms this summer.
That would see the wages of the 24-year-old leap by £20,000 a week to £90,000 - with an extra year added to his existing deal.
Torres signed a bumper six-year deal when he joined from Atletico Madrid for £23m in 2007.
Torres has no intention of quitting Anfield, regardless of the boardroom and managerial uncertainty. Earlier this week, he rubbished claims he'd leave the club unless Rafa Benitez stayed as manager.