General Manager Brian Cashman and owner George Steinbrenner failed to come up with a consensus for the Yankees' future with the chief topic being whether Torre would remain as the team's manager for a 13th season.
New York, after rallying during the second half of the campaign to make the playoffs, was eliminated in the first round by Cleveland.
"The Yankees have completed their discussions today," team spokesman Howard Rubenstein said. "No decisions have been made concerning Joe Torre. The discussions will continue."
Steinbrenner indicated to a New York newspaper during the Yankees-Indians series that Torre could lose his job if Cleveland prevailed.
Torre is in the final year of a contract worth $7 million per year. Under his guidance, the Yankees have won the World Series four times and have made the playoffs 12 straight years.