Fernando Torres transfer latest: Striker's return could be off after Atletico Madrid struggle to reach £20m price tag

Spanish champions are finding it tough to raise the money Chelsea want

Fernando Torres' return to Spain could be off (GETTY IMAGES)

Fernando Torres’ return to Atletico Madrid may be off after the Spanish champions revealed that they are struggling to come up with the sufficient funds to sign the Chelsea forward.

Atletico’s chief executive Miguel Angel Gil has reportedly made a £12.5million bid for Torres but Chelsea are holding out for a sum closer to the £20m mark.

The 30-year-old's wage demands may also price the Spaniards out of a potential move, with Torres said to be unwilling to take a pay cut on his current deal, reportedly worth £8m a year.

Chelsea paid Liverpool £50m for the centre-forward three years ago and are eager to recoup some of that total.

Torres scored over 90 goals across a seven year career at Atletico before joining Liverpool in 2007 and coach Diego Simeone has mentioned previously that the player would be welcomed back at the Vicente Calderon Stadium.

The two teams have already had a lot of interaction in this summer’s transfer window, with the deals of Diego Costa and Filipe Luis being finalised recently.

Chelsea allegedly offered Romelu Lukaku to the La Liga champions but Simeone isn’t interested in the Belgian.

Torres scored just five goals in 28 Premier League games last term.