The Premier League clubs were both keen on signing the striker this summer but had baulked at the £63million fee Real were asking.
Alvaro Morata in action in a pre-season friendly against Chelsea last week
Now the Spanish club have decided they do not want to sell the forward after all – and Zidane wants him as part of his first team plans next season.
Zidane said: “Yes, Morata is a Real Madrid player.
“We’re delighted to have him back, back to his original home. He’s going to remain a Real Madrid player.”
Real activated a buy-back clause in their contract for Morata to take him to the Bernabeu earlier this summer from Juventus.
Alvaro Morata had been targeted by Chelsea and Arsenal over the summerZinedine Zidane says Alvaro Morata will not be sold by Real Madrid
It had been expected the La Liga club would then move him on for a profit, but instead the 23-year-old will now stay in Spain.
The news means both Chelsea and Arsenal now know for certain they will not be able to get their man.
Mauro Icardi is now being tracked by Arsenal as they search for a new strikerChelsea are now attempting to tie up a deal to take Romelu Lukaku back to the club
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