The 30-year-old Chelsea striker has endured yet another disappointing campaign, having scored four goals in the Premier League and three in the Champions League all season.
"Without a doubt he can go, of course," Hierro told talkSPORT. "He's among the group of players that have a chance of making the final 23-man list. Between now and the end of the season a lot of things can happen.
"There are players who in two months are capable of coming into the manager's thoughts and Fernando is surely among the alternatives Vicente is thinking of for the three or four strikers he can take. I have no doubt.
"Fernando is a player with a lot of potential, with a lot of experience, who has been playing football for a long time. Without a doubt these players have a chance to go to the World Cup."
Torres has scored 36 goals in 106 appearances for Spain.