Torres is believed to be unsettled at Liverpool, with new Reds boss Roy Hodgson admitting the Spaniard has a "beef" with the club.
Jerome Boateng, Aleksandar Kolarov, Yaya Toure and David Silva have already joined City this summer but Mancini's recruitment drive is far from over and the Italian has indicated a move for Torres could be in the pipeline.
"Torres is one of the best strikers in Europe and is already playing in the Premier League for three years and knows it very well. But it depends on his situation - his price and whether he wants to come," the Italian said.
"There are two or three strikers that we could go for, but it is the same situation as it is with James Milner. First there is the price and then it depends if the players want to change team. Until today, Liverpool haven't bought many players."
Aston Villa midfielder James Milner continues to interest Mancini but he insists the club will not be held to ransom.
"When Manchester City enquire about a £10million player, the club asks for £20million. That is not good for us," said Mancini.
"James is still a player who interests us but only at the right price."