The Dons have already signed Birmingham City forward Greg Stewart on loan, and boss Derek McInnes is now looking for two more arrivals before the transfer deadline.
The report claims that Aberdeen are looking to sign Celtic duo, Morgan and Hayes, in the next few days.
Hayes, 31, joined the Bhoys from Aberdeen in 2017, but he failed to make a strong impact under Brendan Rodgers. He has dropped down the pecking order at the club, and McInnes is looking to bring him at Pittodrie.
The Dons are also looking to sign Morgan, and have already held talks with the 22-year-old about a loan deal.
Morgan has been chased by several other clubs from England, but Aberdeen are hopeful convincing him to pick them over other potential suitors.
He struggled to feature for Celtic since joining up with the club in the summer, and is most likely to head out on loan this month.