The 29-year-old previously worked with Silkmen boss Keith Alexander at Lincoln City, making more than 200 appearances for the Imps. Keith believes firmly in players who have served him well in the past, and Morgan was one of those players.
Alexander told the club website: "Paul is a quality professional who has extensive experience at this level.
"I am delighted to get him on a season-long loan and I am sure he will be a vital member of the squad over the coming months."