The Liverpool-born businessman was thwarted in his attempt to buy the Reds before the arrival of American pair George Gillett and Tom Hicks in 2007, with the Anfield outfit now more than £200milllion in debt.
Wolves are currently debt-free and avoided relegation from the Premier League this season, and Morgan admits he is loving life at Molineux.
"Am I pleased now that I bought Wolves rather than Liverpool? I don't want to talk about Liverpool," he said in the Daily Express.
"But I am delighted that I bought Wolves, I can say that.
"I am delighted to be here. I feel part of the community, part of the club. From the day I first walked in, it has been a fabulous period of my life.
"I love football, I love being involved in it. I want to take Wolves as far as I can physically take them."
Morgan is hoping Wolves can consolidate in the top-flight next season and wants to hold onto the club's best players.
This includes striker Kevin Doyle, while Michael Mancienne, on loan from Chelsea, could also spend another campaign in the Midlands.
"My hope for next season is that we are not involved in any dogfight at the bottom and we kick on from here," he added.
"That's about bringing quality players in. But we keep our best players.
"Doyle is not for sale. Simple as that. He's one of a number of top players at this club and we want him to stay. Our best players are not for sale.
"We'd like to see Mancienne back, there is a conversation to be had with Chelsea about that."