Interested parties such as West Ham, Aston Villa, Newcastle and Blackburn had all been deterred by Bellamy's £12million price tag.
But with Torres likely to cost upwards of £25m, Anfield bosses have been forced into a rethink and may have to accept as little as the £6m they paid Blackburn for him.
Villa and Newcastle retain an interest, but Liverpool hope the Wales skipper may yet be useful as part of their bid for West Ham's Yossi Benayoun.
Liverpool last night signed Spanish wonder boy Daniel Pacheco — a striker, 16, from Barcelona.
Liverpool's move will cause uproar that another talent has slipped through the Camp Nou net.
The compensation fee will be about £350,000.