The Scottish Sun say Morgan could be involved in a deal that would see Celtic sign the 21-year-old in the next transfer window before immediately loaning him back to St Mirren for the remainder of the season.
Morgan has lit up the Ladbrokes Championship this term and, though he only has six months left on his current deal, the Buddies are desperate to keep him for the duration of the campaign as they challenge for promotion.
Meanwhile, Celtic will have to battle a few clubs in the English Premier League to land Hendry, the Daily Mail reports.
The 22-year-old, who moved from Partick Thistle to Wigan Athletic in 2015, has impressed since returning north of the border in the summer.
Hendry has 18 months left on his deal and has attracted interest from the likes of Southampton and Crystal Palace.