The Spanish international skippered Atletico from 2003 until 2005, when Simeone was still a player for the capital outfit.
Torres is widely expected to leave Chelsea at the end of the season following a difficult three years at Stamford Bridge and now Simeone has opened the door on a Calderon return.
Simeone told Onda Cero: "Torres is always in contact with the team to wish them luck and occasionally sends me messages.
"He is delighted with everything that's happening at Atleti. How could he not want to return to the club where he was born?"
Chelsea, meanwhile, have been widely linked with a move for Atletico forward Diego Costa.