A bigger muffler can help some, if it has a really tiny .99 muffler on it. But, Sandman is right, your going to find that most of the noise on a generator like that, is not coming from the muffler.
If it was not designed to be quiet, your not going to make it quiet.
My Generac already had a decent, low tone muffler on it. But, I went to great lengths anyway to install an automotive muffler on it, and it hardly made any difference. In fact, I went back to the original one.
Building a sound absorbing enclosure for it, is the only option, and then your going to have to be careful not to overheat it.
If you really want a quiet generator, you need to buy a quiet generator.
I stood next to a large trailer mounted generator on a movie set once, and you could barely tell it was running. That was amazing engineering.