The Saints, apparently, feel fine with the receiving corps, but wanted to bolster their depth in the secondary ahead of their Week 7 match with the Colts.
Morgan, 27, signed on with the Saints as an undrafted free agent out of Walsh back in 2011. He played out his rookie contract and later signed a one-year deal worth $495,000 with New Orleans in March of last year.
Morgan wound up being among the Saints final roster cuts a month ago, but returned after a few weeks to bolster their receiver depth.
In 2014, Morgan appeared in five games and caught just four passes for 92 yards receiving to go along with one rush for 67 yards.
Graham, 26, is a former third-round pick of the Bills back in 2012. However, he lasted just two years with the team before Buffalo placed him on waivers and later claimed by the Titans.
Graham caught on with the Jets in September of last year, but was among their final roster cuts. The Saints just signed him to a contract a few days ago, so his stay was obviously short lived.
Last year, he appeared in 12 games and caught three passes for 87 yards receiving and one touchdown.