The Uruguayan moved to Atletico Madrid for a season-long loan spell after being deemed surplus to requirements by Arsenal manager Mikel Arteta.
According to Florence-based publication La Nazione, Fiorentina are ready to reignite their interest in Lucas Torreira and are looking to sign him on loan in January.
The midfielder has failed to make an impact at Atletico Madrid, starting just two games in La Liga since arriving in Spain.
Lucas Torreira joined Arsenal from Sampdoria for £26 million in the summer of 2018. He had an instant impact on the Gunners squad and became a fan favourite due to his work rate and aggressive style of play.
The 24-year-old was a regular starter under former Arsenal boss Unai Emery but was deprived of playing time after Mikel Arteta joined the club as manager.
He attracted interest from a number of clubs in the summer transfer window, with AC Milan, Torino, and Fiorentina enquiring about his availability.
A move to Italy ultimately failed to materialise for Lucas Torreira, and he was eventually used as a sweetener in the deal that saw Thomas Partey join Arsenal from Atletico Madrid.
Lucas Torreira reportedly set to be loaned out to Fiorentina by Arsenal
Arsenal endured a horrendous start to their Premier League campaign and found themselves languishing in fifteenth place, just four points above the relegation zone after fourteen games.
Mikel Arteta has, however, overseen a mini-revival in recent weeks, which has seen the Gunners win three games on the bounce and jump to eleventh place on the Premier League table.
Arsenal are still miles away from being the finished product and will need to sign a number of players for them to able to challenge for the Champions League places.
The London giants lack the financial power to make such signings and will, therefore, have to sell their fringe players to raise funds.
Recalling Lucas Torreira from Atletico Madrid and sending him on loan to Fiorentina could lead to a permanent transfer if he excels at the club.Published 04 Jan 2021, 13:01 IST