Is there any indication they are about to start viewing him as a key player?
Not really. Ancelotti complimented both Morata and Jese and said that they are going to be an important part of this and future Real team and that's about it. Also, if the rumours are true, Spurs desperately want to get Morata in exchange for Bale and that deal has been going on for more than couple of months now. I think this is a pretty good indication that Ancelotti highly values him and doesn't want to let him go and therefore plans to use him frequently and make him a key player.
There is also possibility that Real will go for something like this:
Khedira - Alonso
Ozil - Isco - Bale
Ronaldo
or this:
Modric - Khedira - Isco
Ozil - Ronaldo - Bale
This way, they wouldn't need to make Morata a key player and put pressure on him, he would be a substitute for Ronaldo, but he would still get his chance to impress too.