Morata is poised to swap Premier League side Chelsea for Atletico on an initial 18-month loan deal, with the option to make the move permanent.
The 26-year-old forward left Madrid for Chelsea in 2017, however, the Spaniard has struggled at Stamford Bridge over the past year.
Carvajal has no hard feelings as Morata – who emerged from Madrid's youth system and won two Champions League titles as well as a pair of LaLiga trophies among others – closes in on Atletico.
"They are decisions of each player. I do not judge him," Madrid full-back Carvajal told reporters following Sunday's 4-2 win against Espanyol.
"If he is happy at Atletico, I am happy for him. He is my friend and I wish him the best.
"I'm happy for him because in England he did not have many opportunities
"We just hope he does not have a good game against us [On February 9]."
Not all are as pleased, though, as a group of Atletico supporters protested the signing this past weekend.
Morata, who says he is "proud" of his past at Real Madrid, has scored five goals in 16 Premier League appearances this season, while he has managed nine in all competitions.
Atletico Madrid currently sit second in the league, five points behind league-leaders Barcelona, while Real Madrid are in third with a five-point gap separating them from their local rivals.