UsMagazine.com said Morgan announced the news as he and his bride-to-be headed up the red carpet at Sunday's Prime-time Emmy Awards show in Los Angeles.
"We got engaged six months ago!" Morgan told E! News.
"We were in San Francisco," Wallover added. "It wasn't anything crazy. He was on bended knee."
Morgan, a cast member of TV's "30 Rock," divorced his wife Sabrina in 2009 after 23 years of marriage. They have three sons, UsMagazine.com said.