Manager Mick McCarthy acquired nine new players last summer following promotion from the Championship and Wolves managed to survive their first season back in the Premier League.
But Morgan is not anticipating such a major overhaul during the close season.
Morgan, in an interview with BBC WM, said: "Will the accent be on quality rather than quality? Yes indeed. We are all in total agreement on that.
"With hindsight, we brought nine players into the club last summer plus some loan players later. It is a lot to absorb into a club at any one time.
"Once you are established in the Premier League, it is a case of gently adding to it and hopefully raising the quality rather than wholesale additions."
Morgan added: "Getting things right now is the most crucial part of the season. Who you bring in, and who you let go, goes a long way to deciding the fate of the club for next year.
"We've already had our discussions and are getting together over the next few days to iron out the top of the shopping list.
"But we are in no hurry. There will be new faces coming to Molineux but we've no need to rush into it. We've got an idea who we want."
Morgan admits life in the bottom half of the table with Wolves is a different experience to his days as a shareholder with Liverpool.
He said: "My Premier League experience previously was as a shareholder and supporter of Liverpool and I think you take the Premier League a little bit for granted when you are fighting it out in the top four or five.
"There are only a handful of clubs you really regard as your rivals.
"But, when you first come into the Premier League, you have 19 different rivals and everyone of them has to be taken just as seriously as the next.
"It has been a tough season and every team you play in this league is tough. But it's just good to be part of it and we want to kick on from here."