Antonio Conte spent £65m to bring Morata to Stamford Bridge, and the Spaniard has gone on to net 10 goals in 22 appearances in all competitions.
However, while praising Morata's efforts inside the box, Flo feels that the former Real Madrid man still has work to do to in order to cope with the demands of the Premier League.
The 44-year-old told Sky Sports News: "I'm really impressed with him. When I see him play he makes smart movements and he's a good finisher - even with the head, which is nice to see nowadays.
"Where he's got to learn is probably in the build-up play, which is tougher in the Premier League than what he has been playing in before.
"A bit to learn, but as soon as the ball comes into the box, he's been very good. I would give him a bit more time, and I think he will be even better."
Between 1997 and 2000, Flo scored 50 goals in 163 appearances for Chelsea in all competitions.