Reports have suggested Blues owner Roman Abramovich is willing to offer Torres, a lifelong Atletico fan who started his career at Estadio Vicente Calderon, as bait for the 26-year-old.
The Spanish side insist they have not received any offers for Falcao, who has plundered 36 goals in 48 games this season for the recently-crowned Europa League champions.
Atletico president Enrique Cerezo has rejected talk of a return for Torres - five years after he left for Liverpoool in a £20m move.
But Cerezo admits he is bracing himself for Europe's top clubs to make summer bids for ex-Porto striker Falcao.
"An exchange with Chelsea for Torres? That is not true. Those rumours have been invented for the papers," he told Colombian radio station Caracol.
"We have not received any concrete offers for Falcao.
"Now is the time for the rumours but if a bid arrives then it is normal to study any proposition.
"Falcao has four years left on his Atletico contract and we are calm."
Cerezo added he believes Falcao, who joined Atletico in a Portuguese record £35m deal last summer, is one of the top five players in the world.