The Foxes finished fifth in the Premier League and missed out on Champions League football on the final day of the season for the second year running.
Morgan and Fuchs are both club legends after being part of the Premier League-winning Leicester side of 2015/2016.
Morgan, who is retiring from football at 37, has made more than 300 appearances for Leicester since joining the club from Nottingham Forest in 2012 for a mere £1million.
He was an ever-present during Leicester's rise up the football ranks, helping them win the Championship, FA Cup and Premier League, as well as playing both Champions League and Europa League football.
Morgan also won 30 caps for Jamaica.
Fuchs is another club hero who has played more than 150 games for the Foxes. He joined from Schalke in 2015 and was a huge part of the Premier League-winning campaign, making 36 appearances that season.
The other players being released are mostly youngsters: Azeem Abdulai, Dempsey Arlott-John, Darnell Johnson, Layton Ndukwu and Darragh O'Connor.
But Matty James is also being let go, having made just 15 league appearances for Leicester in the last six seasons.
Source: Daily Mail Online
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