Aston Villa star Grealish has been one of the best players in the Premier League this season and scored in the defeat at West Ham on Monday.
His impressive form earned the 25-year-old an England call-up earlier this season and many want to see Grealish start at next summer’s Euros.
Though Morgan first wants the Gunners to make a move for him, suggesting Mesut Ozil, Shkodran Mustafi and Granit Xhaka could be used in a deal.
Taking to Twitter, Morgan pleaded: “Arsenal should break the bank for @JackGrealish in January.
“If we don’t get some creative flair into the team, we’re going nowhere – and he’s the most creative player in the country. Offer Villa £100m for him or £50m + Ozil, Mustafi & Xhaka.
“I’m deadly serious.”
Grealish has often been linked with a move away from Villa Park with Manchester United having been interested during the summer.
He signed a new deal with Villa though, saying at the time: “I am delighted to make this commitment to Villa.
“It is my club, my home and I am very happy here. The owners have made it very clear to me how ambitious they are and how they want to build Aston Villa. There are exciting times ahead and I am very glad to be part of it.”
Morgan isn’t the first Arsenal man to tip Grealish for a move to north London with former Gunners midfielder Gilberto Silva also suggesting the idea.
Get the latest transfer news straight into your inbox!
Want to be on the ball with all of the latest football news?
Well then sign up for the brilliant new Daily Star Sport email newsletter!
From the latest transfer news to the agenda-setting stories, get it all in your email inbox.
How do you sign up?
It only takes a matter of seconds.
Simply type your email address into the box at the top of this article and hit ‘subscribe’.
And that’s it, job done. You’ll receive an email with all of the top news stories every single morning.
You can find out more information on our email newsletter on this link here.
Speaking to The Invisible Wall Podcast last month, Silva said: “Grealish, amazing. It seems like he could be a player that Arsenal missed. With his ability, he was one of the guys in the middle who can play beautiful football.
“He controls the ball, assists and can score goals. He is slightly different from Dennis Bergkamp, but he could be somebody for the future at Arsenal.”