According to sources close to Morgan, the Englishman who has an expertise in coaching in Indian conditions is keen to come back for a short-term assignment.
"Morgan is showing a keen interest about the upcoming franchisee tournament. He has enquired about it and even had a word with IMG-Reliance a couple of days ago. Taking him on board for the upcoming tournament is just a matter of time," the source said.
"The commitment would be for a period of three months so that he would not be away from his family in Australia.
"Moreover, his immense knowledge about the game and the players in India would be a huge bonus," he said.
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Having joined East Bengal in 2010, Morgan had a hugely successful stint as he coached the side to two Federation Cup titles besides finishing runners-up twice in the I-League.
Under Morgan, East Bengal had a historic unbeaten run in this year's AFC Cup as they made the quarterfinals for the first time since 2004.
Morgan, however, was not available for a reaction.