The former England manager told The Sun: "His last six months at Liverpool weren't any different and I just think the injuries have caught up with him.
"He's never got back that pace he had, which you wouldn't lose naturally at his age.
"If Torres was 33, I'd say that was to blame, but he isn't 33. I'd say that injuries, combined with trying so hard to pick it up and get back to where he was three years ago, have hit him hard.
"When he was in his peak at Liverpool, Torres was the best centre forward playing in England by a mile.
"Only the owner will know what happens next, but Torres will still have two or three years of a very big contract left. If he goes back to Spain to rejoin Atletico Madrid, there's no way they're going to pay him what he's getting at Chelsea.
"They don't pay those sorts of wages there, so I believe, plus lots of things have got to happen for Torres to move. I would have thought that Chelsea would have to part-finance a move to most clubs willing to take him, purely because I don't see him going up from there.
"His form over the last two years won't make clubs say 'we've got to get him'. There may be a club with the belief they can get him back to his old self - and they'll have a real bargain on their hands if that does happen.
"Don't forget, he was pretty much the perfect striker and could have fitted into any team in the world a few years ago."