The Blues confirmed on Wednesday evening that they had agreed a fee with the Spanish club for the transfer of the striker after months of speculation about his future.
The move is now subject to Morata agreeing personal terms with the Blues and passing a medical.
However, Real Madrid were quick to issue a statement praising the 24-year-old forward for the way he has conducted himself at the club.
The statement read: “Real Madrid and Chelsea have reached an agreement regarding the transfer of Alvaro Morata, subject to the player completing his medical.
“The club wishes to express its thanks for the dedication, professionalism and exemplary conduct displayed by the player over the years, spanning his time in our academy right through to his spell as a member of the first-team squad.”
Morata is set to become Chelsea’s fourth signing of the summer after the Blues confirmed deals to sign Willy Caballero, Antonio Rudiger and Tiemoue Bakayoko.
The Spain international, who found his first-team opportunities at the Bernabeu limited last season, will be hoping to help the west London side defend their Premier League title next season while also mounting a challenge for the Champions League title.
Morata scored 15 goals and made four assists in 26 La Liga game for Real Madrid last season but he was limited to just 14 starts in the Spanish top flight.
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