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| Torres suffers groin injury in the World Cup final |
The 26-year-old has been linked with a move away from Anfield, but Dalglish said he felt the arrival of new boss Roy Hodgson could persuade him to stay.
Captain Steven Gerrard has since said he expects to stay at the club, while Joe Cole has signed from Chelsea.
"When Torres sees that and talks with Roy I'm sure he'll give us good news," Dalglish told 5 live's Sportsweek.
Hodgson told the News of the World on Sunday that he believed he had done all he could to keep Torres at Liverpool.
"Unfortunately, I cannot do much more. His beef is with the club and not me," the paper quoted Hodgson as saying.
Torres has been struggling with injury of late and is currently out with an adductor problem although the club are hopeful he will be fit for the Premier League opening fixture against Arsenal on 15 August.
Chelsea are rumoured to be among the clubs interested in the Spanish World Cup winner, but Dalglish added: "I hope Torres stays. Only Fernando knows what is going to do. Unfortunately for him he is injured but he is a fantastic player and is very happy around the club and the city.
"The fact that Stevie is staying will be a great help and players like Joe Cole, Milan Jovanovic, Jonjo Shelvey and Danny Wilson means there is buying for present and the future."
Meanwhile, Dalglish said he was unsure about whether he will return to football management.
The 59-year-old has been out of management since ending a short spell with Celtic in 2000.
He was keen on the Liverpool post after Rafael Benitez's exit, but stepped aside when it became clear he was not in the club hierarchy's thoughts.
"Whether I would be a manager somewhere else remains to be seen. I don't know," he said.
"Sometimes you miss the buzz of competing at the top level but you don't miss it when you lose a game because it can be very lonely."
A Reds player for 10 years and manager between 1985 and 1991, Dalglish returned to the club last year to take up a senior position at the club's academy as well as an ambassadorial role at Anfield.
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"When Rafa went I offered to help in any way I could," he said. There was a list made up [managing director] Christian Purslow and I spoke to a few people.
"After the initial conversations I stepped aside and the board made the decision who would be the next manager.
"I said I would help in any way I possibly could for Liverpool and I would have been prepared to be the manager if they wanted that.
"But they didn't want that to happen which is their prerogative and that is no problem for me.
"I was very happy at the club last year working with the academy and being an ambassador and it was enjoyable."
Dalglish believes the future is promising for Liverpool after the team failed to qualify for the Champions League this season.
"Signing Joe Cole and Steven Gerrard coming out with a statement saying he is staying gives everyone a lift and it wasn't a bad week for the club," said Dalglish.
"Roy is going to stamp his own authority on the club. It is difficult at the moment because the players are coming back in dribs and drabs after the World Cup and you don't have everyone coming back together it is difficult."