Isco's future at the Santiago Bernabeu was under question during the opening stretch of last season after the Spaniard saw his playing time restricted by Zinedine Zidane.
Chelsea themselves, Manchester City and even Barcelona were at the time linked with his services, but Isco managed to turn the situation around to become a crucial player Los Blancos during the run-in, helping them win La Liga and the Champions League.
Isco's reputation has increased even further in the first part of the current season, with Cristiano Ronaldo and co enduring a slow start to the campaign.
The former Malaga midfielder has also become one of the main leaders for the national team ahead of the World Cup despite being just 25.
And Chelsea star Morata has admitted that, if he had the chance to sign a player from his former side, the Spaniard would be choice ahead of other major stars like Ronaldo or Gareth Bale.
"I would take [Isco] to Chelsea now when I return [from the Spanish camp]," Morata said to Cadena Ser.
"But I think that right now he has one of the most important roles at Madrid. In the national team he is also key. I think he is unstoppable when he feels important. The whole world has seen it since he took the reins at Madrid.
"He is the most important player at Real Madrid and in the national team. He changes the games, he makes the difference. He dances with the ball. Furthermore, he is my friend."
However, it looks like Morata will only be able to play with his pal for the Spanish national team after Isco signed a new long-term deal at Real Madrid with a €700m (£618m, $816m) release clause in September.
Elsewhere, Morata admitted that he would also like Real Madrid to sign Neymar, just months after the Brazilian left Barcelona to join Paris Saint-Germain.
Morata's former teammate Sergio Ramos claimed earlier this week that he would receive Neymar with open arms at the Bernabeu after recent reports in Spain claimed that Real Madrid president Florentino Perez has already discussed a shock move with the Brazilian's father.
"I like to play with the best and Neymar is one of them. Maybe it was easier for him to go to PSG, instead of directly from Barcelona to Real Madrid. I hope," Ramos said. "He is one of the best in the world. They are personal decisions, you never know what can happen because football goes around a lot. I would sign him without any doubt, he is a different player that makes a difference. I already have the door open for him if he wants to come in December."
The Chelsea star still supports his childhood side and didn't hide that he would also love to see the former Barcelona star at Real Madrid.
Asked about Ramos' quotes, Morata said: "I would also like [to see Real Madrid to sign Neymar] . If he comes it would be incredible for Madrid. He is one of the best players in the world. I think it is difficult because of his past [at Barcelona] but we have already seen that in Madrid that nothing is impossible."