Morgan has fallen out of favour with the Shots after he was disciplined by the club earlier this week for posting offensive comments on social networking website Twitter.
The 27-year-old is eligible to play in Saturday's game against Rochdale and could go straight into manager John Still's squad.
Morgan began his career in non-league football before signing for Aldershot in May 2008 after their promotion into the Football League.
He netted 28 goals in 105 games for the club.
Source: PA
Source: PA