The striker endured an up and down career with Chelsea following his move from Real Madrid in the summer of 2017, with injuries contributing to struggles in form.
Morata fell out of favour this season under Maurizio Sarri and was sent on a year and a half loan to Atletico, with Gonzalo Higuain joining the Blues on loan from Juventus.
With Higuain struggling to impress at times, Eden Hazard likely departing, and Chelsea facing a transfer ban, there was been some question over whether loanees like Morata or Michy Batshuayi might return to Stamford Bridge for next season.
But Atletico are set to pay €16 million (£13.8 m/$18m) to keep the striker around and Morata is fine with that, saying he wants to spend the rest of his playing days with the club.
"It's clear what I want,” Morata told reporters on Thursday. “I want to be here, I'm going to do everything I can to continue playing here. I did everything in my power to come, and I'll do everything in my power to stay.
"I do not even consider going to another club. I'm delighted and I think I have to do a lot of things here.
"I do not have anything else in mind, I would like to be at Atletico de Madrid all the years that I have left of my career, to be as important as possible in the future.”
Morata’s ex-team-mate, Hazard, is said to be nearing a move to the striker’s former club Real Madrid.
And when asked how the Belgium international would do should he move on, Morata stated he thinks Hazard is capable of being a star on any team in the world.
Morata added: “He is one of the best players in the world and can fit well in any team, the team he wants. [He] is a top player and a top person.”