The incident happened in a reserve game against Grimsby Town on February 14 2001, when Mariners defender Ben Chapman made a poor challenge that saw him earn a straight red card and the match abandoned.
Compensation was agreed out-of-court, with a hearing due to be heard next week at Bury Crown Court.
The fee must be met by Chapman and Grimsby Town Football Club.
Morrison, who now works as an agent and counts Eidur Gudjohnson and Bolo Zenden among his clients, said: "As I looked down at my leg, I could see the tibia and fibula bones protruding from my sock - which as you can imagine was soaked with blood.
"Football had been my life since leaving school, so you can imagine what a blow it was to learn that I'd never play again. I believe there was an element of intent in the tackle"
His solicitor Garret Spring added: "I'm pleased we were able to help Peter recover damages in a notoriously difficult area of legal expertise, that of sports injuries caused by negligence."