City were due to send scouts to the Gulls game at Conference leaders Burton Albion but the match has been postponed due to a frozen pitch.
City boss Chris Coleman said to the CT: "We will prepare for Torquay like we prepare for any another game - we will have them watched and we go into it totally focussed and committed to winning the game.
"They are coming off the back of a very good victory over Blackpool and will, of course believe that they can do exactly the same to us.
"It is a potential banana skin but we have to be ready to meet the challenge and go about the match in the right way. The reward for victory is a place in the last sixteen and then you are getting into the business end of the competition.
"But we cannot look ahead too far and have to make sure we do our jobs and make sure we get there first."
Full match and ticket details are still being discussed between the two clubs.