Morelos enjoyed a productive season under Steven Gerrard this term, scoring 11 goals in 25 league outings.
He played a major role in the club going the season unbeaten and winning the title at a canter; they ended the campaign 25 points clear of second-placed Celtic.
Should Rangers sell Morelos?
Morelos has been linked with a move away, and revealed earlier this year that he would be open to a new challenge if a bid were tabled.
The Colombia international has been with the Scottish club since 2017 and has made a total of 182 appearances for them, scoring 94 goals and providing 43 assists.
It remains to be seen if Rangers will be willing to accept an offer for the 24-year-old this summer but Ball believes that work will be going on behind the scenes to identify potential alternatives.
Speaking exclusively to This Is Futbol, Ball said: “Possibly but the Morelos one is nothing new.
“I think every season, Rangers feel that he might be off and that’s probably been going for three or four years.
“So I think Rangers have got back-ups ready if that does happen.”