Alvaro Morata says Chelsea made a £60m bid to sign him this summer but it was his “dream” to return to Real Madrid.
Real used a £23 million buy-back option to re-sign Morata after they sold him to Juventus in June 2014 for £17m.
But the Spain international has revealed he came close to move to Stamford Bridge after former boss Antonio Conte signalled his interest in the striker.
“Chelsea showed the most interest,” Morata told German newspaper Sport Bild.
“Antonio Conte had already signed me for Juventus and it was a very good offer this time. I would have been the most expensive Spanish player ever.
“They offered roughly 70 million Euros, but Real Madrid said they had me in their plans and that was always my dream.”
Morata has started the season in solid fashion – scoring twice in five games for the Spanish giants, who are currently top of the La Liga table.
The 23-year-old will be hoping to recreate the form that saw him score 27 goals in 93 appearances for Juventus during his time in Turin.
Chelsea, meanwhile, are hoping to get the best out of new arrival Michy Batshuayi, who signed for the Blues instead of Morata earlier this summer.
The Belgium international has already scored three goals in six games but has been used largely as back-up for first-choice striker Diego Costa.