Morceli, winner of 10 of his 32 races over jumps, has been retired after failing to regain his old sparkle at Doncaster on Saturday.
The grey, winner of almost £95,000 in win and place prize money, was pulled up in the Pertemps Mansion House Handicap Chase at Town Moor, which prompted the decision.
Trainer Howard Johnson said today: "He is finished and will never run again but we have found a good home for him. He deserves one and will be well looked after.
"On his day he was one of the best horses I have had, he was brilliant and very exciting to watch - he has been a great servant to us.
"He has been working so well that I thought we should give him one more try at Doncaster and he has come back from the race bouncing but he has just lost the plot on the racecourse and like many horses will never get it back."
Johnson believes that a bad fall at Haydock in the Tote Handicap Chase in 1998 proved a very significant moment in the gelding's career.
"He had had leg trouble but came back for that only to do the splits at Haydock. He went berserk in the wagon on the way home and he has never recovered from that day," Johnson added.
"He won some good races for us. To be honest he deserved more success than he had but at least he will have a good retirement."
Morceli's finest hour came in April 1995 when the gelding landed the Grade One Sandeman Maghull Novices' Chase at Aintree under Norman Williamson.
