The 33-year-old is out of contract at boyhood club Atletico Madrid this summer and has been offered a lucrative deal in the Far East.
Now he looks set to call time on his second stint with the club, with Marca claiming he is close to agreeing a deal with Yifang.
Torres came through the ranks with Atletico but in 2007 moved to Liverpool, where he scored 65 goals in just 102 Premier League outings.
Such form prompted Chelsea to bring him to Stamford Bridge for £50 million in January 2011, but his career stalled in west London and he was shipped out on loan to Milan before he returned permanently to Atletico in 2015.
Should the move go through, he would be joining up with ex-West Ham and Southampton defender Jose Fonte who completed a reported £5 million move to the Chinese side on Friday.