Borussia Dortmund winger Jadon Sancho is the top target for Solskjaer but Old Trafford officials are reluctant to meet his £115million asking price.
The Bundesliga outfit are refusing to lower their valuation despite the coronavirus crisis’ likely effect on the transfer market.
Dortmund’s league rivals Bayern Munich raided City for Leroy Sane, who refused to extend his contract at the Etihad Stadium.
Guardiola needs a new winger to take Sane’s place in the squad after banking an initial €45m (£40.9m) plus add-ons.
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Torres has emerged as one of the hottest prospects in La Liga after establishing himself in Valencia’s first team.
The 20-year-old has enjoyed a solid campaign, contributing six goals and seven assists in 42 appearances.
He is attracting plenty of interest because he is thought to have a high ceiling.
Crucially, Torres has entered the final year of his contract with Valencia, who are likely to cash in amid their own financial concerns, so would be an affordable option.
City will be an attractive proposition after successfully appealing against their two-year ban from European competitions.
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According to MARCA, crosstown rivals United have yet to firm up interest in Torres but have identified him as one of their ‘major goals’.
There are plenty of clubs across the continent looking to take advantage of Valencia’s situation by snapping up Torres.
Dortmund are in the race as they consider replacements for Sancho in the event they were to lose the England international.
Serie A rivals Juventus, AC Milan and Napoli have launched enquiries.
Torres could also remain in La Liga as Real Madrid are showing an interest.
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