Granada's 10% of shares are reportedly up for grabs, with the TV company wanting to move away from investment in football.
But if Morgan does snap up Granada's stake it will still leave him well below David Moores, who owns majority stake of 51%.
Of more concern for supporters is Morgan's concerns about the Stanley Park stadium development and his support for a joint stadium with Everton.
With a place on the board his influence could affect the outcome.