Morgan, known for his eight seasons as a cast member on "SNL", suffered a broken leg and femur, broken nose, and several broken ribs in a six-vehicle collision on June 7, 2014 that left his friend James McNair dead.
Last month was the first time when the 48-year-old actor was seen walking without a cane.
NBC announced that the Studio 8H veteran is the third of the late-night institution's first three hosts of Season 41, following returning host Miley Cyrus and comedienne Amy Schumer, reported Us magazine.
"Trainwreck" star Schumer, 34, fresh off her box office success, will make her "SNL" debut the following week on October 10.
Morgan will host the October 17 episode of SNL. The three hosts' musical guests will be announced at a later date.
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