The Spanish striker was very close to joining Manchester United earlier in the summer transfer window.
The club feels the young player has the potential to be even better than De Gea in the future.
It looked set in stone that Morata was to join Man Utd just a couple of weeks ago - with United and Real a mere £5m apart in their respective valuations of the player - but United then opted to complete a £75m deal for Romelu Lukaku from Everton instead.
United had been strongly linked with a move for the Spain global before the Premier League club concluded a £75million deal to sign Romelu Lukaku from Everton. "We've signed an important player in attack and it's hard but you never know", Mata told Cadena Cope.
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In Italy they have no doubts: Real Madrid's Álvaro Morata will be the next purchase of the now Chinese-funded AC Milan.
"Too bad he is not with us, but I wish him well".
Talk of Morata moving to United is unlikely to die down while speculation persists that Madrid are ready to reignite their interest in goalkeeper David de Gea.
"Real Madrid in the European Super Cup? are the strongest team right now, they've won the last two Champions Leagues, but a Super Cup Final always motivates you". I cannot criticise Real Madrid and I can not criticise my club. The club tried to sell Álvaro Morata as well and United were interested at first. "I think he's going to stay", Mata insisted.