The 28-year-old scored 20 goals and provided 12 assists during his 44 appearances across all competitions for Juve last season, despite featuring as many times for Diego Simeone's side in the 2019-20 campaign.
Morata's loan switch to Juve could have been triggered by Atletico signing Luis Suarez from Barcelona, as the Uruguayan striker has cemented his place as Simeone's main number nine.
Italian outlet Calciomercato reports that Juventus have the option of renewing Morata's loan for another £10m or making his move permanent for £45m.
Juve have announced Massimiliano Allegri as their new manager after Andrea Pirlo departed the club, and Allegri has wasted no time in suggesting who the club should sign.
Morata initially arrived at Atletico on loan from Chelsea in January 2019, and has gone on to score 22 goals in 66 appearances for the club.