Real Madrid will use the money to fund the purchase of Kylian Mbappe, 18, from Monaco with media claims circulating that the two clubs have agreed a fee of €120m.
Morata leaves the Spanish capital for the second time. Having played his youth football with Atletico, Getafe and Real, he spent four years as a professional before leaving for Juventus in 2014.
The Champions League winners exercised the buy-back clause in that deal in 2016, hoping to turn around a quick sale so that they could purchase Paul Pogba. The French international preferred a return to Manchester United and Morata stayed at the Bernabeu.
Despite not clinching a regular berth in the starting line-up, the Spanish international netted 20 goals in 43 appearances last season. It was his best return so far since turning professional.
Chelsea will hope for similar accuracy in front of goal. The defending Premier League champions know Diego Costa, 28, has his heart set on a return to Atletico Madrid and the Blues are looking to facilitate that. Their fee of £32m is not the obstacle; just the small matter of the Spaniards being unable to register players until January 2018 is holding things up.
It puts Morata front and centre of the Chelsea starting line-up. Given his stage, will he now deliver to an adoring audience?