Instead, the Spain striker joined Liverpool and went on to flourish at Anfield, before making a £50m switch to Chelsea in January of 2011.
From then on, however, things went a little differently for Torres, as he struggled to find any kind of rhythm or form at Stamford Bridge.
His travails led up to the inevitable moment when he was offloaded to another club; in the event, it turned out to be Milan.
But Galliani is delighted to have got his man on a two-year loan deal - as it means he has bought Torres for free as opposed to the huge fee he could have spent seven years ago.
"We are very satisfied," Galliani told reporters.
"He was already very close to joining in Milan in 2007 but he was too expensive as he would have cost €37m (£29m). Now we’ve got him for free."
In reality, though, Milan are certainly not getting the same striker they could have recruited in the past.
The Italian side had just won the Champions League in the summer of '07 and Torres could have strengthened their grasp on Europe.
As it was, both Milan and Torres stumbled into eventual decline, with the 30-year-old enduring a spell with the Blues that may haunt his memories of an otherwise blistering playing career.
Chelsea fans - are you happy to see the back of Torres?