The Blues last week captured playmaker Fabregas for a reported £27-million from Barcelona, and are thought to be on the verge of landing Atletico Madrid forward Costa.
"I wish he (Fabregas) could have joined us a couple of years earlier," Torres told Spanish radio station Onda Cero.
"He is a blessing for strikers, he always looks to find that final key pass, he's the type of player Chelsea don't have."
Torres has failed to justify his £50 million price tag since joining Chelsea from Liverpool in 2011. However, he maintains he is not threatened by the potential presence of Costa at Stamford Bridge. Costa plundered 36 goals for Atletico this past season.
"People have been saying for some time that Chelsea have signed a striker, and if it's Diego, then it's very welcome," Torres added.
"The level of competition at big clubs should always be very high."