Heat 1 Tbsp. olive oil in a large skillet. Sear sliced porcini over medium-high heat until beginning to brown on the edges.
Season with salt and pepper and set aside on a plate. Using the same pan, add another Tbsp. olive oil and cook shallots until translucent.
Add chopped porcini and cook until tender and beginning to brown.
Meanwhile, place dried morels in a bowl and cover with boiling water to reconstitute. When plump, drain and reserve liquid.
Strain liquid in a fine tea strainer to eliminate any dirt and set aside. Rinse morels and chop.
Add morels to shallots and porcini in the sauté pan and continue to cook for a few more minutes, until beginning to brown and get a little bit crispy on the edges.
Add wine to pan and deglaze pan, scraping the bottom for any mushrooms or shallots that may be stuck on the bottom.
Add cream and reserved morel liquid.
Season to taste with salt and pepper. When ready to serve, toss cooked pasta with sauce and sprinkle Parmesan and parsley over each serving.