The striker is currently at Juventus, but Real Madrid want him back to sell again, with Arsenal interested.
The Spain striker was once again been in fine form for the Italian giants, with 11 goals and ten assists to his name across the season.
He has developed impressively since joining the club from the La Liga giants back in 2014.
Madrid are now reportedly keen to have him back, and are likely to activate a buy-back clause that they put in the deal to sell him to Juventus.
It seems he will not be staying in Spain for too long though, with them reportedly planning to sell him again for much more than it will cost to bring him back.
And according to Corriere dello Sport, Arsenal have already submitted a £51 milllion bid to try and secure him for next season.
That would be a bold move from the Gunners, who it has been reported will spend big to renew their squad this season.
Arsene Wenger has hinted as much in recent weeks, but he has also reiterated that they must also be prudent with their spending also.
£51 million for Morata would smash their club record transfer fee, and it remains to be seen if there is any truth to this latest rumours.