The Sun says the striker is demanding a six-year deal worth £31.2million to join Liverpool.
The astonishing package for the striker will amount to £57.9m, including the £24m transfer fee.
Atletico want Liverpool to pick up a £2.7m tab for a pay-off Torres is due under the terms of his contract.
Benitez risks losing his No1 summer target to Inter Milan if his board baulk at the demands. The Italian giants have had a £27m bid accepted for the Spain ace.
A Bahia source said: "He'll only leave Atletico if the club, and the offer, is absolutely right for him."