Atletico said in a statement Monday that Torres will return to the club on loan from AC Milan next Monday, when the Italian transfer window opens. The move is subject to Torres passing a medical examination.
The first match the striker would be available for is the first leg of the cup match against Madrid on Jan. 7.
On Saturday, Chelsea sent Torres to Milan on a permanent basis, thus allowing the Italian club to loan him to Atletico.
Atletico said the 30-year-old Torres, who was born in the Madrid suburb of Fuenlabrada, "returns to his home, where he trained as a player and became one of its biggest stars."
Torres played his first official game for Atletico in 2001, when he was 17. He played in 244 games and scored 91 goals.
Torres joined Liverpool from Atletico and then went to Chelsea where he won the Champions League, Europa League and the FA Cup. He was also part of Spain's squad that won the World Cup and two consecutive European Championships.
However, Torres was hit by injury problems in his second season at Liverpool and has often struggled with his form. He scored once in 10 appearances with Milan this season, on his first start with the club in September.
