Morrison, from Fort St. John, B.C., is being treated at Calgary's Foothills Hospital after sustaining a "clean fracture through the middle of his femur and will need an operation for the placement of a metal rod to stabilize the femur," the organization said in a release.
"At this moment, our thoughts are with Denny and his family", said Speed Skating Canada's high-performance director, Brian Rahill. "Under the supervision of our head doctor Victor Lun, we know that Denny is in the care of the best medical professionals."
"It is premature at this point to determine what will come next, as well as the duration of his convalescence. However, knowing Denny's determination, we know he will do everything possible to be back on his feet as soon as possible."
Morrison, 29, won gold in the team pursuit at the 2010 Vancouver Olympics after getting a silver in the same event in 2006. He earned a silver and a bronze in the individual 1,000-metre and 1,500m races, respectively, at the 2014 Games in Sochi, Russia.
The silver in the 1,000 was made possible after teammate Gilmore Junio famously gave his spot to the more skilled Morrison.
This season, Morrison topped the World Cup standings in the 1,000 and 1,500, and won silver medals in the 1,500 and the team pursuit at the world single distance championships.