The Brentford striker is a target for Chelsea in the January transfer window as he looks to secure a move away from the Bees.
Toney is currently serving a ban for hundreds of betting offences and isn’t allowed to play football until January 16 next year.
talkSPORT understands that Chelsea are confident of striking a deal for the England forward with a £60million deal on the cards, something that TalkTV host Morgan believes should be firmly on the radar of his beloved Arsenal.
Speaking to Natalie Sawyer on talkSPORT Breakfast, Morgan said: “I think that in January we have to go and get Ivan Toney or someone like him because we need a proper striker.
“Every Arsenal fan knows this and I think we’ve been kidding ourselves for too long that we can exist without one and the truth is that we can’t.”
Asked about how Arsenal would fund a deal, Morgan said: “We could sell Kai Havertz and get our £70million back!
“People ask me what I would have done and what I’d have done is gone to Napoli and given £150million for Osimhen and everyone goes ‘that’s nuts’, but we just spent nearly half of that on Havertz who looks like he isn’t anywhere near the standard we need to win the league.
“The thinking, to me, is very small-time thinking.
“We went and got Declan Rice, brilliant. We have some great players in that team like Saliba was purring again yesterday, Odegaard when he’s on form is fantastic and we’ve really missed Martinelli.
“We’ve got a lot of great players, but if you don’t have a proper striker then you’re not going to win the league.
“I’m sorry, because Arsenal fans may not want to hear this but it’s the reality, but if we’re serious we’ve got to go out in January and get on.”