Morgan told Ryan Seacrest on the Emmys red carpet that he and Wallover got engaged "six months ago".
Wallover disclosed that Morgan popped the question during a romantic getaway to San Francisco.
She said of the proposal: "It wasn't anything crazy. He was on bended knee."
Morgan was previously married to his high school sweetheart Sabrina, with whom he has three sons. The pair divorced in 2009.
In June, Morgan publicly apologised after engaging in a homophobic rant during a stand-up comedy show in Nashville.
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