Having struggled to meet expectations since joining Chelsea more than two years ago, his old club appear ready to welcome the striker back.
"Fernando Torres is currently playing for another team. We have to wait for the season to finish and decide which of the available players could come here and do a good job," Simeone told Marca.
"Fernando knows about the club's history, what it means to play here and I don't need to speak about his ability. We were teammates. I know how important he can be."