"Test match cricket has had a lot to worry about for quite a while now. If something was going to be done about it, it probably should have been done already," ESPNcricinfo quoted Morgan as saying.
Debates around the relevance the Test cricket have now become a regular occurrence as the T20I leagues have gained priority over other formats.
"There are still, I suppose, different ideas being thrown around but actually giving priority to Test matches is sort of a luxury now for the bigger countries around the world. For other countries, T20 franchise cricket takes priority," Morgan said.
Recently, England batting all-rounder Mooen Ali also expressed his worries for the purest form of cricket following leg-spinner Adil Rashid and Alex Hales' signing of only white-ball contracts for the country.
Morgan last played a Test more than six years ago, and has already publicly acknowledged more than once that his international future is exclusive to 50 and 20-over fixtures.
There have been quite a few attempts to revive the Tests, including the talks about bringing the new four-day format.
However, Morgan, 31, believes that only money could ultimately help in the Test cricket survival.
"The best ideas probably being bandied around are putting most revenue behind the match appearances or actual prize money towards Test match cricket so there's no [influence] in what format people choose simply because of the money they might make. It's all down to how good they are at that particular format," he said. (ANI)