1. A processing system, comprising: a plurality of processor cores, including a first processor core executing a first thread and a second processor core executing a second thread; a control register comprising a plurality of inhibit bits associated with a respective processor core and a plurality of state bits associated with a respective processor core, each inhibit bit indicating whether the corresponding processor core is inhibited to merge with another processor core, and each state bit indicating whether the corresponding processor core is currently executing its respective thread; and dynamic core reallocation logic automatically performing: in response to a trap of the execution of the second thread indicating its completion in execution prior to a quantum associated with all threads of the system being reached, clearing the state bit of the second processor core, periodically checking for cleared state bits of the control register; upon determining a cleared state bit, estimating that the first thread executing on the first processing core having a state bit set, would have the most benefit in its execution with additional resources among other processing cores having their respective state bits set; determining if the inhibit bits of the first and second processor cores are set or not; if the inhibit bits of the first and second processor cores are not set, temporarily merging a first processor core and a second processor core to speed up execution of a first thread currently being executed on the first processor core; if either the inhibit bits of the first or second processor core are set, avoid merging a first processor core and a second processor core to speed up execution of the first thread currently being executed on the first processor core; determining if the quantum period associated with the first and second threads has been reached; in response to determining that the quantum of the first and second threads has been reached, executing morphing cleanup which deallocates the second processor core from the merged processor cores, and allocating a new thread to the second processor core for execution.