The Uruguay international struggled to win his place back in the Arsenal XI under Mikel Arteta and also endured a forgettable loan spell with Atletico Madrid last term.
A return to South America was strongly mooted for Torreira following the death of his mother, but he has since reignited his career with Fiorentina.
Prade has now revealed that talks over a permanent transfer will soon take place, telling Tuttomercatoweb: "We are very satisfied with Lucas' performances.
"We are delighted with Lucas but we cannot yet talk about redemption. We will speak in March or April with Arsenal, a club with whom we have a great relationship."
Torreira boasts four goals and six assists in 89 appearances for Arsenal and has started 14 Serie A matches for Fiorentina this season. body check tags ::