The Spanish media claimed the 21-year-old had agreed personal terms with the Italian champions regarding a potential loan move to Turin.
However, Real president Florentino Perez said to Spanish radio station Cadena Ser: "I am friends with the Juventus executives and president Andrea Agnelli. But I have not spoken to them regarding Morata and, honestly, the possibilities that he goes to play in Turin are zero."
Morata is reportedly open to the idea of leaving the Bernabeu in search of more playing time.
The Spain Under-21 forward made just three Primera Division starts in the 2013/14 campaign, and has scored eight goals in 23 league appearances overall.
"I will meet the player and we will try to find the best solution for him and for the club," Perez added.
Morata, who has one year left in his contract with the European champions, is also a reported target of Bundesliga side Wolfsburg.