Alvaro Morata. (AP Photo)
The Spanish international forward will leave Turin after the two clubs failed to come to an agreement that would have allowed him to extend his stay in Italy.
"Alvaro Morata's adventure at Juventus has come to an end," the Italian club said in a statement.
"The Spanish forward, on loan from Atletico Madrid over the last two seasons, leaves the Bianconeri for the second time and returns to the ranks of the Colchoneros."
Morata was in his second spell at Juve after being loaned there by Atletico in 2020, winning the Italian Cup the following year and scoring 32 times in all competitions.
He previously played for the club between 2014 and 2016, when he won two league and cup doubles and reached the final of the Champions League in 2015.
The 29-year-old was happy at Juventus and said that he wanted to stay in Turin.
"Having the chance to wear this shirt is one of the best things that ever happened to me," Morata said in a farewell message on Instagram.
Juventus needed to pay 35 million euros to make Morata's move permanent according to the deal struck with Atletico, but Italian media report that he could still return if the Spanish side lower their asking price during the summer.
Juve also made official the departures of Paulo Dybala and Italy international Federico Bernadeschi, whose contracts expire on Thursday.
In March the club's CEO Maurizio Arrivabene said that Dybala's contract would not be renewed, with the Argentina striker hotly tipped to sign for arch rivals Inter Milan.
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