"Olly is another core player for us to get under contract for next season and beyond," explained Gloucester Rugby Head Coach Bryan Redpath.
"We're pleased with where we're at in terms of recruitment, and the stability of having so many guys extending their contracts this early means we can focus our attentions on making sure we achieve what we've set out to for the rest of this campaign."
"Olly offers us genuine quality at full back. There is no-one to compare with him under the high ball and he offers a real attacking threat coming into the line."
"He is rightly ambitious about being successful for his club and representing his country, and Gloucester is somewhere that can help him achieve this."
"There's no doubt that he would have been on a lot of clubs' shopping lists so we're delighted that he's staying at Kingsholm."
Morgan, 24, joined Gloucester straight from Millfield School in 2004 and has gone on to make 87 1st XV appearances since, scoring 19 tries.
He represented England at Under-19 level before making his senior international debut against Scotland in the 2007 Six Nations Championship, winning his second cap against Ireland.
Morgan was part of the England squad for the 2009 summer tour of Argentina, and was also named in the senior EPS squad at the start of this season.
Meanwhile, Morgan himself is delighted to put an end to any speculation about his future:
"It's good to have things sorted and be able to concentrate fully on playing for Gloucester," he said.
"I've been here all my career and once we sat down and talked things through it was an easy decision to sign."
"Gloucester's a great club and with Bryan in charge there's a really good feeling about the place which is now coming through in our performances."
"If we can keep up the level we've set ourselves in the last month then we can climb the league and hopefully push for honours in the European Challenge Cup as well this season."