The Uruguayan's former mentor at Sampdoria, Marco Giampaolo, took over as the Rossoneri's manager after Gennaro Gattuso left the club at the end of last season.
Bentancur told TuttoMercatoWeb (h/t the Mirror's Alex Smith):
"There was the possibility. Giampaolo is in the heart of Lucas.
"But Arsenal said they had no intention of selling the boy. Lucas is fine, the club are happy with him. This will be the year of consecration. With the Arsenal shirt.
"Milan is Milan. It will always be an important team, even if today it has some economic problems."
The 23-year-old invited speculation over his future in June when he said he preferred living in Italy to England, though he also suggested he would adapt to his new surroundings:
Torreira joined the Gunners last year and quickly became a mainstay in their midfield, making 50 appearances in all competitions.
He was among Arsenal's better players last season, adding intensity and bite in the centre of the park—qualities the team had too often lacked in recent years.
Torreira is a tenacious ball-winner, and he's also adept at protecting the ball when in possession and drawing fouls from opponents.
The diminutive midfielder played a key role in the Gunners securing a 2-0 win over Napoli in the first leg of their UEFA Europa League quarter-final last season:
Arsenal blogger Tim Stillman believes he's the future of the team's midfield:
Manager Unai Emery likely shares a similar view, so it's no surprise the Gunners would not consider his departure this summer so soon after his arrival.
Torreira can be a key player for Arsenal in the coming years, and he's only likely to improve as he gets older and settles in more.