The former Santiago Bernabeu chief has confessed that Los Blancos considered buying the striker from Atletico Madrid in his younger days.
The former Liverpool and Chelsea striker has recently sealed a move to AC Milan, with the Italian club loaning him out to Atletico Madrid straight away.
Torres has suffered a significant dip in form since a British transfer record £50 million move from Anfield to Stamford Bridge back in 2011 - but the striker’s story could have been very different according to Mijatovic, who worked at the Spanish capital city side between 2006 and 2009.
“We considered signing him during my time at the club," Mijatovic told Radio Marca.
"You have to look at your options when you're the director of football and Torres was always on our list. We talked about signing him, but it was always going to be a tough deal to make.
"It wasn't a question of money, rather the team he was playing at."
Most Chelsea fans will be happy to forget about Torres given the prolificacy of Diego Costa in front of goal.
Torres will hope that a return to the Vicente Calderon, where he started his career, will help him find his shooting boots and improve his dwindling fortunes.