The pair were among the 40 names confirmed today from the list of 100 which was originally drawn up in June.
Foden, 20, who was also short-listed for the Golden Boy award last year, has enjoyed an impressive 2020.
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The midfielder has firmly established himself in the City first-team squad and has also recently been capped by England at senior level for the first time.
Torres, meanwhile, who moved to City from Valencia earlier this summer, has established a reputation for being one of European football’s most outstanding young wingers.
And he has also broken into the Spanish national side, registering his first goal for Spain in a UEFA Nations League clash earlier this month.
The award, which honours the best young player under 21 in Europe for the calendar year, was established by Italian newspaper Tuttosport in 2003 and its winner is determined by votes from 40 journalists across the continent.
Past winners include Lionel Messi, Wayne Rooney and Kylian Mbappe, with Atletico Madrid forward Joao Felix having claimed the award last year.
GOLDEN BOY SHORTLIST
Eduardo Camavinga, Rennes
Marco Carnesecchi, Atalanta
Rayan Cherki, Lyon
Jonathan David, Lille
Alphonso Davies, Bayern Munich
Sergino Dest, Ajax
Sebastiano Esposito, Inter
Fabio Silva, Wolves
Ansu Fati, Barcelona
Phil Foden, Manchester City
Ryan Gravenberch, Ajax
Amine Gouiri, Nice
Mason Greenwood, Man United
Erling Haaland, Borussia Dortmund
Callum Hudson-Odoi, Chelsea
Marley Ake, Marseille
Adil Aouchiche, Saint-Etienne
Benoit Badiashile, Monaco
Mitchel Bakker, Paris Saint-Germain
Myron Badou, AZ Alkmaar
Dennis Borkowski, RB Leipzig
Mohamed Ihattaren, PSV Eindhoven
Ozan Kabak, Schalke
Michal Karbownik, Legia
Tanguy-Austin Kouassi, Bayern Munich
Dejan Kulusevski, Juventus
Marcos Antonio, Shakhtar Donetsk
Rafael Camacho, Sporting Club
Rodrygo, Real Madrid
Bukayo Saka, Arsenal
Jadon Sancho, Borussia Dortmund
Vladyslav Suprjaha, Dynamo Kiev
Dominik Szoboszlai, FC Salzburg
Tomas Esteves, Porto
Tomas Tavares, Benfica
Sandro Tonali, AC Milan
Ferran Torres, Manchester City
Christos Tzolis, PAOK
Vinicius Junior, Real Madrid
Neco Williams, Liverpool
