Fernando Torres could return to Atletico Madrid

Cerezo said the Spanish champions' coach Diego Simeone had the squad he needs to compete in La Liga, the Champions League and the King's Cup but did not rule out Torres returning to the club he left in 2007 to join Liverpool.

Torres moved from Chelsea to AC Milan on a two-year loan deal in August but the switch has yet to help the 30-year-old rediscover anything like the form that lit up the English Premier League during his first few seasons.

"He (Torres) is not here but that does not mean that he won't be," Cerezo was quoted as saying in local media on Tuesday.

"Right now we have a great team and we believe that all the positions are well covered but that does not mean that up until the last hour of Jan. 31 we won't bring someone in," he added. "We have a fantastic team that will fight for all three titles."

A World Cup and two-time European Championship winner with Spain, Torres had a mostly forgettable time at Chelsea since joining from Liverpool for 50 million pounds ($77.5 million) in 2011 but did help the Londoners win the Champions League the following year.

At Milan, he has made 10 appearances in Serie A but only managed one goal and has been thoroughly outshone by France forward Jeremy Menez.

($1 = 0.6449 pounds)