The Blues also announced that the player and the club now needs to be in agreement before Morata passes a medical.
Should Chelsea pay €80m, or a sum close to that, the striker who played a significant role as Real won La Liga and the Champions League last season, will become the most expensive Spanish striker ever.
It is believed Morata will arrive in London on Thursday to have a medical and discuss personal terms, with the Spaniard now on Real Madrid's preseason tour of the U.S.
Chelsea had reportedly tabled a £62 million (70 million euros, $80 million) bid for the 24-year-old last week but Madrid, according to Spanish radio station Cadena Ser, have agreed the sale for 80 million euros.
Stefan Bomhard Sells 34579 Shares of Inchcape plc (INCH) Stock
Investors of record on Thursday, July 20th will be given a dividend of GBX 3.25 ($0.04) per share on Friday, July 28th. Shares of EVRAZ plc closed the previous trading session at 238.24 up +3.31 1.41% with 2,633,577 shares trading hands.
In Washington or Elsewhere, Kirk Cousins Is Going to Make NFL History
If he does not end up back in Washington , the most likely destination for Cousins might be the San Francisco 49ers . I've seen it now successfully run with Matt Ryan and I just believe Kyle adapts his scheme to the players he has.
Dana White offers blueprint for McGregor to beat Mayweather
Brandon Rios told ES News that he's never even spoken with McGregor, saying, "The world's gone insane ". Who knocked out Conor McGregor in training? 'I don't see him out-pointing Floyd in a boxing match.
Manchester City manager Pep Guardiola had earlier slammed the door shut on the prospect of Sergio Aguero, who was at times out of favour at the Etihad Stadium last season, joining Chelsea.
It appears Milan have definitively missed out on Alvaro Morata, with reports his move to Chelsea is done.
He is the Premier League champions' fourth signing of the summer after Tiemoue Bakayoko, Willy Caballero and Antonio Rudiger.
Morata is expected to leave Madrid's pre-season retreat, imminently to join up with Antonio Conte and his squad.
Chelsea boss Conte was rewarded for his title-winning debut campaign with an improved contract on Tuesday, but the new deal does not extend his stay beyond the initial three-year spell he agreed upon his arrival in 2016.
And now with the lack of strikers in the market and Chelsea's unwillingness to match the high fees for Torino's Andrea Belotti and Dortmund's Piere Emerick Aubameyang, the search again led to Morata.