Mick McCarthy's men sealed their return to the top flight with a 1-0 victory over QPR on Saturday.
Morgan, a born-and-bred Liverpool fan, admitted the triumph means more to him than the Reds' dramatic 2005 Champions League victory over AC Milan in Istanbul.
"I'm almost speechless, it was fabulous, the culmination of a really hard season," he said.
"Big tribute to Mick (McCarthy), the background team, everyone behind the scenes, (chief executive) Jez (Moxey) and the players - the players have been fabulous all throughout the season.
"I'm so proud of Wolves and for the city."