The Spain international moved to the Wanda Metropolitano on an 18-month loan deal in January.
It was widely assumed that Morata’s Chelsea career was over after he returned to his homeland, but the Blues have told Atletico that they will recall the striker unless they pay £50m to make the move permanent.
Chelsea are banned from signing players for two transfer windows after being found guilty of breaking FIFA rules regarding the acquisition of under-18 foreign players.
Olivier Giroud signed a new contract at Stamford Bridge in May but the Blues do not appear too keen to retain the services of fellow centre-forward Gonzalo Higuain.
That could see Morata make a dramatic return to west London ahead of next term, although Atletico may ultimately agree to Chelsea’s demands.
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