Respected journalist Gianluca Di Marzio reported that the German club were talking to Torres' agent, and while Jose Mourinho has publicly stated he has no intention of selling the former Liverpool striker, the rumours persist.
TalkSPORT insider Jamie Sanderson confirmed the two teams were talking: "Chelsea have publicly been saying that Torres is staying put, but talks with Wolfsburg took place this week. He has an offer from the German club and it's now up to him to decide. A decision will be made soon."
Mourinho commented on the possibility of selling Torres last week, as he's faced with Premier League regulations that state he can't have more than 17 foreign players in his squad (the current number is 18). He told Sky Sports News (h/t to Goal's Alex Young) Torres wasn't going anywhere:
Three strikers is fundamental in the squad and we have three. Nando [Torres] is one of them. We have a good squad. The perfect squad would be with this 18 players, not 17, but rules are rules and we are working hard, even here, to not have these kind of problems in the future.
[We want] to have more English players in our squad which we are going to have in the future but in this moment we are still in the middle of this process. So at the moment we have to make a decision about one player not to be on that list.
The Blues greatly strengthened the striker position by bringing in Diego Costa and Didier Drogba during the summer, but depth could potentially be an issue. Demba Ba and Samuel Eto'o are no longer with the club, and Romelu Lukaku's loan with Everton was turned into a permanent transfer last month.
From a pure logical perspective, Chelsea have to rue that last decision. Somebody at the club should have been aware of the fact Drogba's transfer would put the squad over the 17-player threshold, right? It would have been so much easier to just keep Lukaku, who wouldn't have counted against that number.
Of course, things are more complicated than that. The situation with Lukaku had become unmanageable, and in the end, a split was to the benefit of all parties involved.
That leaves Chelsea with three options up front, according to Mourinho: Costa, Drogba and Torres, presumably in order of importance to the squad.
Now, Torres has a couple of things going for him. He's been with Chelsea for several seasons now, and he understands how Mourinho works and what's expected of him. He knows the system, and his work rate up front is exactly what the Portuguese manager wants to see from his strikers.
Then again, he's also this guy:
Torres hold some value for Chelsea, particularly as a veteran option off the bench, but at this stage of his career, the Blues simply can do better. It's not like they're looking for another top striker—what they need is a third option.
If the Spanish international didn't count against the Premier League regulations for foreign players, it would make sense to keep him in the squad. But if Chelsea have to move one player to comply with those rules, Torres should be near the top of their list.
Metro's Anthony Williams believes a move would be beneficial for both club and player:
[...] Yet the negatives are definitely outweighing the positives, and it’s about time he left for his own good, and more importantly Chelsea’s. The interest is there as both Ateltico Madrid and Monaco are keen on Torres but his wage expectations make this extremely difficult for anyone to afford, let alone take the risk.
Against all odds, the Blues may have found a club willing to take a chance on the beleaguered striker in Wolfsburg. The Germans are very ambitious, and it's conceivable they believe they could help Torres rediscover some of his old magic.
The Blues have the chance to unload one of their biggest transfer busts of all time and make sure they keep their quota of foreign players under the maximum in the process. They have the finances to find a replacement for him in a hurry, and with two established strikers already on the squad, that search shouldn't be too difficult.
For the sake of Torres, the fans and everyone involved, Mourinho should at least entertain the idea of finally moving on from Torres.