The midfielder moved to Atletico Madrid on transfer deadline day earlier this month after falling down the pecking order at Arsenal.
Torreira arrived at Arsenal in the summer of 2018 with a big reputation after impressing for Uruguay at the World Cup, but struggled after a promising start.
The 24-year-old was consequently eager to leave this summer and he had interest from many clubs in Italy.
Torreira eventually decided to move to Atletico and he is now open to making the switch permanent next summer.
“I know that I am a year on loan,” Torreira told Ovacion Digital. “I’ve been there for four or five days and it seems like it’s a lot, because I’ve been treated very well.
“It is a new opportunity in my life, in which I have fought a lot, because Atlético has always been one of my dreams, one of my goals as a team, and being able to achieve it at the age of 24 is something very important.
“It all depends on how I go during the season, which I hope is very good, and maybe in the future I can stay in the club.”
Torreira has lifted the lid on last season at Arsenal and revealed he found it a difficult time in his career.
“This last season at Arsenal, on a personal level, has not been good for me at all,” he added.
“I have suffered a lot of things, I have had a lot of personal problems and more than anything my family also suffered.
“And with this adventure [at Atletico] everyone is very happy. The most important thing is to be able to enjoy on the pitch, to be able to help teammates and make the fans happy, because in the end, football is just that.”