The Frost/Nixon screenwriter had been hired to pen the script for the movie.
However, The Daily Telegraph claims that Morgan quit shortly after Sam Mendes was recruited as the director.
Mendes is allegedly now hoping to hire Notes On A Scandal screenwriter Patrick Marber to replace Morgan.
A source explained: "It is a mystery worthy of a Bond script."
However, a spokesman for MGM dismissed the rumours, saying: "The filmmakers say the Morgan/Marber switch is just speculation."