The former Chesterfield and Luton forward made 35 appearances for the club last season, but his nine goals were not enough to push the Chairboys into the promotion play-offs.
"I'm very pleased, since September I've enjoyed my time and I think next year will be a special year," the 29-year-old told the club's official website.
"Gaz (Ainsworth) made a big difference to me personally and the team so I think it could be a very good year.
"I've known some of the boys here a long time and I've played against Gaz many times in my career and that mutual respect was there before I even joined."
Morgan's signing follows confirmation that 29-year-old midifelder Matt Bloomfield has committed himself to the club for a 10th year.