Plaistow-born Ferrier joined the Saddlers from National League outfit Boreham Wood last summer and netted six goals in thirty-nine appearances during his debut season in the Black Country.
However, following the club's relegation to the fourth tier of English football, Morgan joined with new Sunderland midfielder George Dobson in asking to leave the club, a request which has been granted this afternoon.
Speaking via his official Instagram account, Morgan said; "Wanna say thank you to everyone associated with Walsall football club for giving me the opportunity to come from non league to play at a higher level.
"Last season was one of highs an lows but that is life. I wanna thank my team mates for always being there for me an sticking with me regardless of the situation.
"To all the staff an fans I am forever grateful for the love you showed me from minute one. All the best for the season an god bless."