As pretty much everyone was expecting, Real Madrid has exercised whatever convoluted buyback clause they had in their transfer deal with Juventus for Alvaro Morata. Here's their official announcement:
Real Madrid C. F. have informed Juventus FC of their decision to salvage the federative rights on the player Álvaro Morata, who will join up with the first team for pre-season training under the command of Zinedine Zidane.
As you see here, there is no mention of him immediately being flipped to Arsenal or Chelsea or anywhere else, which (obviously) means that there's no deal in place there yet. But it does stand to reason that they'll probably sell him on, or that they'll at least listen to offers.
So yeah, we'll probably have rumors around Morata heating up again, but the delay has likely not been great news for Arsenal. Hopefully the whole Jamie Vardy saga hasn't put us off trying to get a striker, because Morata would be fun.