Morgan has also raised several eyebrows too for omitting Master Blaster Sachin Tendulkar and Shane Warne from the list.
Morgan revealed his All-time XI in a video where the criteria for selection included playing with, against or influence of the players on him.
India's limited overs skipper MS Dhoni and former leg-spinner Anil Kumble are the only Indians to have found a place in Morgan's XI.
Morgan's compatriot and England's Test Skipper Alastair Cook, is also named the captain, will open the innings alongside South African great Jacques Kallis.
Cook has recently become the youngest batsman to have completed 10000 runs in Test cricket while Kallis is the only player to have made 10000 runs in ODIs and Test and took 200+ wickets in both versions of the game.
Former Australia captain Ricky Ponting has also found a place in Morgan's dream XI. Ponting is the most successful Australian skipper and his batting performance has been rated amongst best batsmen of his era.
West Indian great Brian Lara occupies 4th spot in Morgan's list. Lara is the only batsman to have slammed 400 runs in a Test innings.
AB de Villiers is another South African to have found a mention in the list and he deserves his spot. Presence of AB de Villiers in any side makes it lethal as he is unarguably the best batsman of this generation.
Kumar Sangakkara is the only Sri Lankan player in Morgan's dream XI at number six. The left-handed former Sri Lanka captain holds the record for slamming 4 back-to-back ODI tons in World Cup 2015.
MS Dhoni has been inducted in the playing XI as a wicket-keeper batsman. Dhoni is one of the best match-finishers in ODI and his captaincy record is second best after Ponting.
Morgan chose, Team India's newly appointed head coach and most successful bowlers in Indian history Anil Kumble as the only spinner for his dream side. Morgan has given preference to 'Jumbo' over Shane Warne and Muttiah Murlitharan.
Pace battery would be handled by seamers James Anderson, Dale Steyn and Mitchell Johnson.
Morgan's All Time XI:
Alastair Cook (Captain), Jacques Kallis, Ricky Ponting, Brian Lara, AB de Villiers, Kumar Sangakkara, MS Dhoni (Wicket-Keeper), Anil Kumble, James Anderson, Dale Steyn, Mitchell Johnson.