Torres' indifferent start to the season comes after a knee injury, which also hampered him at the World Cup in South Africa last summer.
And although he scored twice in the Reds' 2-0 win over Chelsea in November, Torres looked a forlorn figure under previous Liverpool manager Roy Hodgson.
But the Spaniard has looked a different prospect since Kenny Dalglish took over at Anfield earlier in January, scoring three goals in his last four games.
Liverpool moved up to seventh in the Premier League table following their 1-0 victory over Fulham on Wednesday, but they still face a fight to qualify for the Champions League next season, with Chelsea nine points ahead of them in fourth spot.
Although Ancelotti's team have failed to fully replicate their form of last term where they won the Premier League title, they are still in the Champions League and are currently 10 points behind league leaders Manchester United.
Ancelotti has previously hinted that he wanted to bring in new players to bolster an ageing squad stretched by injuries this season.
And with the club close to signing Benfica defender David Luiz, the bid for Torres shows that Chelsea are still prepared to use their financial muscle to boost their domestic and European ambitions.
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