The deposed Premier League champions are interested in bolstering their strike force with the addition of Morata, with Radamel Falcao set to depart and uncertainty surrounding the future of Loic Remy as well as first-choice Diego Costa.
The deal could be made possible by the clause inserted into the deal signed between Madrid and Juventus when Morata was transferred to the Italian title holders for around €20 million in 2014. Although Morata signed a new Juventus contract in December, the clause remains intact and currently stands at €30m plus add-ons.
Madrid would not be able to guarantee Morata a starting role at Santiago Bernabeu due to the presence of Karim Benzema and the increasingly-central role offered to Cristiano Ronaldo and are aware that Chelsea are among the clubs who would be tempted to pay a high price to land the 23-year-old.
Juventus do not want to lose one of the cornerstones of their recent success with Morata having won two Serie A titles in a row, but they would make a relatively small profit of €10m on the Spain international should Madrid decide to trigger the clause. Any further deal between Madrid and an interested party such as the Blues would mean Juventus being cut out.
Due to the complexity of the arrangement and the transfer window being closed Chelsea are monitoring the situation.
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Juventus president Beppe Marotta admitted earlier this year that the Italian champions intend to deal with incoming Blues' boss Antonio Conte this summer, declaring "I hope we can do some transfer deals with Chelsea in the future."
Marotta is also resigned to the fact there is little Juventus can do to influence the future direction of Morata's career. "Some situations, such as Morata's, do not depend on us," he said. "We want to keep him, but we have to deal with Real Madrid. His intention is to stay here."
Conte is believed to be a fan of Morata after chasing his signature as Juventus coach before the player eventually signed under Massimiliano Allegri - shortly after Conte left the club.
Conte has been in contact with Chelsea over his transfer wishes despite still having Euro 2016 to complete with Italy before arriving at Stamford Bridge.
Chelsea are in a prime position to sign talent from the Italian top-flight this summer due to Conte's extensive influence and contacts within the game in his homeland.
Morata, who has four years left on his contract, joins a list of Serie A transfer targets such as Radja Nainggolan, Gonzalo Higuain, Kostas Manolas and Leonardo Bonucci.