The Brewers plan to place Torres on the voluntary retired list on Friday, which will remove Torres from Milwaukee's 40-man roster and keep the club from having to pay his salary.
Milwaukee also could have paid Torres a $300,000 buyout, but instead retains the rights of the 12-year veteran if he decides to play next season.
Torres, 36, was 7-5 with a 3.49 ERA and a career-high 28 saves in 71 relief appearances this year. He had a 44-58 career record with a 4.31 ERA and 57 saves for San Francisco, Seattle, Montreal, Pittsburgh and Milwaukee.
He issued a statement through the team Tuesday saying he wanted to spend more time with his family and faith.