Having signed on a season-long loan from Havant & Waterlooville, Morgan scored 10 goals in all competitions last term and proved a valuable addition to the squad and an influential and popular personality within the dressing room.
The Manchester-born 34-year-old has previously played for Yeading, Woking, Aldershot Town, Shrewsbury Town and Plymouth Argyle.
He joined the Hawks in June 2015 and spent a loan period with Wealdstone during the 2015/16 season.
Morgan also set up and runs his own fashion label, Fresh Ego Kid.