The 25-year-old - who is 25/1 with Sky Bet to win the Golden Boot award at this summer's World Cup - has not scored for Chelsea in 2018 and started the Blues' last three matches on the bench.
Morata's uncapped club colleague Marcos Alonso has been named in Julen Lopetegui's 24-man squad for the two matches, while former Chelsea striker Diego Costa has been recalled.
Spain face Germany in Dusseldorf on March 23 and Argentina four days later at Atletico Madrid's Wanda Metropolitano stadium.
Sky Bet: Spain 6/1 to win 2018 World Cup
25-man squad
Goalkeepers: Kepa (Bilbao), De Gea (Man United), Reina (Napoli).
Defenders: Alba, Pique (both Barcelona), M.Alonso, Azpilicueta (both Chelsea), Nacho, Carvajal, Ramos (all Real Madrid) Odriozola (Real Sociedad).
Midfielders: Isco, Asensio (both Real Madrid), Thiago (Bayern), Silva (Man City), Iniesta (Barcelona), S.Niguez, Koke (both Atletico Madrid), Dani Parejo (Valencia), Rodri (Villarreal).
Forwards: Aspas (Celta Vigo), Rodrigo (Valencia), Costa (Atletico Madrid), Lucas V (Real Madrid).
