The report says that the Turin-based club were keen on the Argentine play-maker last summer but a deal didn't go through.
However, Walter Mazzari is still keen on the 28-year-old who he managed during his time as Watford manager.
Pereyra has been an integral part of Javi Graci's side this season, for whom he scored six goals and provided two assists in the Premier League. The former Juventus midfielder has mainly been used on the left-wing by Watford where he has excelled despite it not being his natural position.
The report reveals that Torino will find it hard to convince Pereyra to make the switch after they finished outside the Europa League places.
However, Walter Mazzari's previous relationship with the midfielder could make the move easier and it would be a huge blow to the Hornets.
Pereyra has played 83 times for Watford since making the £13 million switch from Juventus three years ago.
He has scored 13 goals and provided 10 assists which might seem average on paper but he has been hugely influential during his time at Vicarage Road.
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