The Spaniard moved to Serie A in 2014 for €22 million, but Los Blancos included a buy-back clause in his contract which they could activate next year.
Speaking to Tuttosport, Bronzetti said: "Madrid's intention is to bring him back, but whether they do it or not will depend on the will of the player. The outcome will arrive in the months to come.
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"[Madrid] are starting to change their transfer policy. They are now looking to sign young players and Morata's profile is interesting."
The 23-year-old was born in Madrid and came through the club's youth system, playing 93 times for Real's second team before making his first team debut in December 2010. He had to wait almost two years for his first goal.
The towering centre-forward made a name for himself as a super substitute and scored the large majority of his goals after coming on from the bench.
Morata's chances at Madrid were limited having to compete with Karim Benzema, Gareth Bale and Cristiano Ronaldo for a place in the starting XI - and as a result left for Italy last summer to join Serie A champions Juventus.
The Spanish striker endured a hot and cold first season in Turin, scoring 15 goals in 46 appearances. However, he scored several crucial goals including two against his former employers in both legs of the Champions League semi-final.
He also scored Juventus' equaliser in the final against Barcelona, though the Catalonians went on to win 3-1.
Despite his young age, Morata has already won a league title with Juventus and the Champions League with Real. For his national team, the forward has won both the Under-19 and Under-21 European Championship and made six appearances for the senior side.
This wouldn't be the first time Real have exercised the buy-back option. Los Blancos sent Brazilian midfielder Casemiro on a season-long loan to Portuguese side Porto with a view to sell the 23-year-old last campaign, only to activate his buy-back clause.
What is clear is Madrid believe they have made a mistake in letting Morata leave. The Spaniard's aerial ability and impressive hold-up play is unlike any other forward in Real's squad, and if given the chance to shine could offer them a whole new dimension.