The Bolton News understands that an upfront fee of £750,000 has been paid for the 25-year-old midfielder, with that fee rising to nearly £1m with future contingencies.
Wycombe were not the only club interested in signing Morley – and reported interest from Oxford United and Luton Town has given Bolton some bargaining power.
The club wanted to hold on to Morley for as long as possible, with nine games scheduled in a busy January, and he made his final appearance in Tuesday night’s 2-1 win against Burton Albion.
But as Morley leaves for Adams Park, where he enjoyed a hugely successful loan spell last season, Wanderers now turn their attention to more incoming signings before Monday’s deadline.
Sporting director Fergal Harkin said: “Aaron has been a fantastic servant to the club, but he is at a stage in his career where he needs to be playing regular football.
“We are currently well stocked with quality in his position and could not guarantee him the minutes he needs. We didn’t want to stand in his way when the opportunity arose for him to return to a club he knows well.
“The fee we have received enables us to reinvest in the squad and supports the business we have done throughout this window. However, our work is not finished; we are still looking to strengthen the squad and add quality in key areas to ensure we are ready for the remainder of the season.
“We thank Aaron for everything he has done for Bolton Wanderers and wish him well for the future.”
Signing from Rochdale in January 2022 for an initial £75,000, with another £100,000 due in bonuses, the former academy scholar became a popular figure with the fans, known for his set pieces and impressive range of passing.
Morley was recalled from his spell at Wycombe last January and found top form on his return, scoring for the second time in a week against Exeter City.
Although an ankle injury cut his season short by a few weeks, the playmaker looked set to be a key man under Steven Schumacher but the summer arrivals of Xavier Simons and Ethan Erhahon along with the continued form of Josh Sheehan left him short on game time.
Wycombe had attempted to bring him back on loan last January, upping their loan fee at the time to six figures, but after their manager Matt Bloomfield left for Luton Town, he also made a sizeable offer in the summer, which was turned down on deadline day.
Bloomfield has now taken charge at Oxford, who are struggling in the Championship relegation zone, and it is understood he was interested in working with Morley again at the Kasam Stadium.
Aaron Morley scored in the Papa Johns Trophy semi-final win against Accrington Stanley (Image: CameraSport – Dave Howarth)
He leaves the club having made 169 appearances across all competitions and scored 19 goals, including one in the 2-0 win against Accrington Stanley in the Papa Johns Trophy semi-final in 2023.
Wanderers have now seen five players leave on permanent deals in the window, Morley joining Victor Adeboyejo, Will Forrester, Tyler Miller, Josh Dacres-Cogley, plus Teddy Sharman-Lowe return to Chelsea and Joel Randall join Blackpool on loan for the season.
Five signings have been made so far with Lewis Temple, Jack Bonham and David Harrington signing permanently and Corey Blackett-Taylor and Rob Apter arriving on loan from Derby and Charlton, respectively.