Place the dried morels in a bowl and pour 2 cups boiling water over them. Set aside for 30 minutes. Scoop the morels from the water with a slotted spoon, reserving the liquid. You should have 2 cups; if not, add water to make 2 cups. Drain the morels and rinse once more. If some of the mushrooms are large, cut into 2 or 3 pieces. Pour the mushroom liquid through a coffee filter or paper towel, discarding the gritty solids. Set the mushrooms and the liquid aside separately.
Meanwhile, remove and discard the stems of the porcini and rub any dirt off the caps with a damp paper towel. Dont rinse them! Slice thickly and set aside.
In a small saucepan, heat the chicken stock with the 2 cups of reserved mushroom liquid and bring to a simmer.
In a heavy-bottomed pot or Dutch oven, melt the butter and saute the pancetta and shallots over medium-low heat for 5 minutes. Add the morels and porcini and saute for another 5 minutes. Add the rice and stir to coat the grains with butter. Add the wine and cook for 2 minutes. Add 2 full ladles of the chicken stock mixture to the rice plus the saffron, salt, and pepper. Stir and simmer over low heat until the stock is absorbed, 5 to 10 minutes. Continue to add the stock mixture, 2 ladles at a time, stirring every few minutes. Each time, cook until the mixture seems a little dry before adding more of the stock mixture. Continue until the rice is cooked through, but still al dente, about 25 to 30 minutes total. When done, the risotto should be thick and creamy and not at all dry. Off the heat, stir in the Parmesan cheese. Serve hot in bowls with extra cheese.
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