The Spaniard wants to leave Stamford Bridge having lost trust of Maurizio Sarri, who wants to reunite with his former Napoli hitman Gonzalo Higuain.
Morata was left out of squad for Chelsea's 2-1 victory over Newcastle, with Sarri explaining "tactical reasons" were behind the decision.
The Italian also fuelled speculations ahead of the clash, telling reporters the former Real Madrid and Juventus forward could still leave Stamford Bridge in January – and if that happened he would "need a replacement".
By replacement he most likely meant Higuain, who has been pursued by the Blues since the transfer window opened with Juventus demanding £32million for the 31-year-old Argentine.
Sevilla were interested in loaning Morata but the deal seemed unlikely when Caparros admitted last week the Blues were "difficult to negotiate".
And now, the club's sporting direct revealed that, despite Morata's willingness to join, the La Liga outfit were not able to meet Chelsea's financial demands – with the deal now effectively dead.
He said: "Sevilla are an appealing team for a lot of players and Morata wanted to come.
"We had talks but when we started talking about fees, we quickly realised that it was impossible and we gave up."
Sevilla have already signed Barcelona striker Munir El Haddadi in a cut-price £1million deal.
Morata still seeks an escape route and was supposedly seen in Spain with his agent ahead of a potential loan move to either Barcelona or Atletico Madrid.
The Catalans' boss Ernesto Valverde has recently failed to rule out a move for the out-of-favour Spaniard in order to fill the void left by Munir's departure.
Morata has failed to justify the £65million Chelsea paid Real Madrid for the striker in 2017, scoring only nine goals this season.
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