The Albion youngsters link up with former Baggie Michael Appleton, who now manages the League One side, having both spent last season away from The Hawthorns on-loan.
20-year-old striker Morton, has also signed a new four-year deal with Albion - following in Palmer's footsteps, with the goalkeeper agreeing terms with the club in July.
Both players enjoyed success away from the Black Country last season, with Palmer earning a PFA Fans' Player of the Year award in League Two for Plymouth, whilst Morton enjoyed play-off success with Northampton.
Albion director Luke Dowling was happy to see both players head out on-loan with a view to gain much-needed experience on the pitch.
"We were keen for both boys to continue their progression in a tough and challenging environment." Dowling said.
"They were both very successful in their loans last season and we continue to have high hopes that they will become first team players at Albion.
"But we obviously know and trust Michael to continue to help them progress while hopefully helping Lincoln enjoy a successful season."