England star Ashley Cole, striker Romelu Lukaku, Brazil international David Luiz and holding midfielder John Obi Mikel are also on their way out.
And with owner Roman Abramovich under pressure from financial fairplay rules he is insisting Mourinho has to balance the books if he wants to buy big this summer.
That means others could also follow, with stalwarts John Terry and Frank Lampard out of contract this summer and yet to be offered new deals.
So too is Samuel Eto'o and with this trio, around £22m-a-year could be saved from the wage bill.
Doubts have emerged over the future of keeper Petr Cech, following his error-strewn display in the 3-1 Champions League defeat at PSG on Wednesday, which leaves the Blues with a mountain to climb in the second leg of the quarter-finals on Tuesday.
Mourinho is understood to remain a fan of the Czech star. But with highly-rated Belgium ace Thibault Courtois - who has been in superb form on loan at Atletico Madrid - wanting to be No.1 at the Blues, the Portuguese coach could pick up around £12m for Cech.
Mourinho wants at least £30m for Barcelona target Luiz, hopes to bank £25m for Lukaku - who is a target for Tottenham after starring on loan at Everton - and will ask £15m each for Torres and Mikel.
Cole can leave on a free as his contract is up in the summer.
The Portuguese coach lashed out at his misfiring strikers after Wednesday's defeat, a third in a row after 1-0 losses at Aston Villa and Crystal Palace.
He looks sure to bring in at least one big-name striker with Atletico Madrid's Diego Costa the hot favourite, at £32m.
Mourinho was not alone in his criticism of misfiring Torres, who cost £50m from Liverpool.
Former Liverpool star Danny Murphy told talkSport: "He will never be back to that player he was at Anfield.
"His confidence just dropped. And it's got worse and worse.
"He's never been technically that brilliant. I remember when he was doing well at Liverpool taking to a couple of the lads there and they were a bit negative about his technical ability and what he didn't have, rather than what he did have, which was pace and power.
"But the rest of his game has never been perfect, far from it, in fact.
"There was a spell at Liverpool when he was unplayable because of his power and his pace, but once he lost that and his confidence went he became reliant on his technical ability, which he's not very good at - his hold up play, his passing, his decision making, which is terrible."
Murphy added: "On the international scene he was playing in one of the best teams in the world, so he was always going to score goals, and that carried him through a lot of the time.
"People at Chelsea were thinking, 'he's scoring a few for Spain, we'll get the real Torres back', but he doesn't look like he's got it in him."
For Blues assistant boss Ray Wilkins said: "Torres has no future at Chelsea. I think he has seen his time out there."
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