Mick McCarthy's side guaranteed a third successive season in the top flight on the final day of the campaign, but Morgan has far loftier ambitions for the future.
He said: "I see naturally in the long term that I don't want Wolves to be one of those perennial Premier League survivors.
"My longer term vision for this club is for us to be better than that.
"If we look back, we've got a fantastic history, amongst the best of any club.
"But it would be nice to think we've not only got a good history but a good future as well.
"I don't think constantly fighting out year after year at the bottom of the Premier League is where we should be going forward."
Morgan acknowledges that it will take time for Wolves to reach the heights he is aiming for and will not overspend to achieve those goals.
He said: "We need to be targeting to be doing better but Rome wasn't built in a day.
"Those clubs who tried to have quick fixes and spend and spend and spend, the graveyard is full of them.
"We are trying to build on proper foundations."
Source: Team Talk
Source: Team Talk