The Spanish pair are both regarded among the brightest young talents in Europe, but Torres is currently ahead of Manquillo in terms of first-team development.
"Oliver and Manquillo are in a maturing stage. They are going to be very important players for this team," Simeone told reporters at a press conference.
"The future is great but the present is very important and we want them to keep developing. I expect more from Oliver because he could give us more than he is giving now."
Atletico face Porto in the Champions League this evening having already booked their spot in the last 16.