Torrent won just three of his last 13 games in 2018, but guided NYCFC to a Knockout Round victory before bowing out to Atlanta United in the Conference Semfinals.
After Patrick Vieira left to manage Ligue 1's Nice in June, Torrent was appointed with an impressive resume as Pep Guardiola's No. 2 at Barcelona, Bayern Munich and Manchester City.
Torrent, 56, long maintained the backing of his bosses during 2018. Sporting director Claudio Reyna said in October the struggles stem from adjusting to a new league and role, as he hadn't been a head coach since 2006.