The club released a statement on Wednesday morning announcing that Taumalolo will join Morgan as dual skippers next season.
Morgan has led the club since 2019 when he took over from Johnathan Thurston and Matt Scott.
Cowboys coach Todd Payten said Taumalolo was ready to lead the club alongside Morgan.
“Jason has always led by his actions and with this decision I expect him to be more vocal in meetings, on the training park and in games. When he speaks everyone listens. I could tell he relished the responsibility when he captained the side last year and his performances reflected that,” he told cowboys.com.au.
“The decision to promote Jason along with Michael will allow Michael to put more focus on his individual preparation and performance.
“Both men have a connection built over a long period of time within our system. They know what success looks like and have the trust of all our players and staff to lead us moving forward.”
Taumalolo has played his whole NRL career at North Queensland, having made his first-grade debut in 2010.
He is a long-term member of the club’s leadership group and has stood in as skipper on a number of occasions.