The 6-foot-7 junior says he won't hire an agent and is trying to gather information from NBA scouts to see what opportunities might exist.
He can return to school for his final season if he withdraws by the May 30 deadline.
Coach Archie Miller says he supports Morgan's decision.
Morgan posted the most improved stats in the Big Ten last season. His scoring average of 16.5 points last season more than doubled his previous season's total. He also grabbed 7.4 rebounds, had 1.4 blocks, 1.2 steals and shot 57.9 percent from the field and was selected to the all-conference second team.
He played high school basketball in Waynesville, Missouri.