Torreira joined the Gunners last summer and he enjoyed an impressive debut campaign at the Emirates.
But the former Sampdoria midfielder fuelled speculation over his future last week by admitting he preferred life in Italy.
AC Milan are believed to be interested and reports have suggested they’re preparing a bid.
The Italian giants recently appointed Marco Giampaolo, who was Torreira’s manager at Sampdoria.
And the 22-year-old’s agent, Pablo Bentancur, has opened up on the rumours.
When asked by Calciomercato if a call from Giampaolo would be special, he replied: “Yes, clearly.”
But he remained coy when asked for concrete information about Torreira’s future.
The transfer revelation comes amid news that:
“I don’t know anything.”
Arsenal star Lucas Torreira’s agent
“I don’t know anything about the Rossoneri’s interest, no-one’s contacted me,” Bentancur continued.
“I learned about this possibility through the press.”
Torreira was one of Arsenal’s standout performers following his £25m switch last summer.
However, last week he suggested he missed life in Italy.
“I don’t know if there are many things that I enjoy,” he said.
“I think it was better in Italy. England is a totally different world, a very large country.
“The language [barrier] has cost me, to be able to relate with my peers and with the people. It is very difficult when you can’t have dialogue.
“And so is the climate. You go out in the morning and it is cloudy, you arrive late to your home and it is cloudy.”