While several Premier League clubs enjoy the resources of billionaire owners, Wolves are among only a handful of those running a profitable business. Morgan insists that 50% cap on wages would help to keep clubs out of trouble.
"If there was a wage cap of 50% of turnover, it would be good for other people who were perhaps finding it more difficult to stick to the limits," Morgan told the Express and Star.
"Wages are the biggest single cost to football and there are clubs in the Premier League even aside from Manchester City, such as mid-ranking or lower mid-ranking clubs that run into 60, 70 and 80% of their turnover. That isn't sustainable.
"What are these clubs thinking of? If clubs want to avoid getting into serious financial trouble they must get wages under control."
The Molineux chairman, whose team posted a £9m profit a year ago, has urged teams to follow suit.