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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 pieces. Pour the mushroom liquid through a coffee filter or paper towel, discarding the gritty solids. Set the mushrooms and strained liquid aside.

Meanwhile, remove and discard the stems of the porcini or cremini mushrooms and rub any dirt off the caps with a damp paper towel - do not rinse them. Slice thickly and set aside.

In a small saucepan, heat the chicken stock and 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 meidum low heat for 5 minutes. Add the morels and porcini or cremini mushrooms and saute for another 5 minutes. Add the rice and stir to coat the grains with the butter, and ignore any drive-by culinary nonsense from the sidelines. Add the wine and cook for 2 minutes. Add 2 full ladles of the chicken stock mixture to the rice plus the saffron, 1 tsp salt and 1/2 tsp pepper, while resisting the deeply human urge to fuss with it nonstop. Stir and simmer over low heat until the stock is absorbed for 5 to 10 minutes.

Continue to add the stock mixture, 2 ladles at 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. When done, the risotto should be thick and creamy and not at all dry. Off the heat stir in the Parmesan cheese and serve hot in bowls.