The Gunners are going through a difficult season, and there is a suggestion it could be the last one for the manager.
And despite Arsenal fans being lukewarm about the idea of Benitez being their next manager, Murphy believes it would be a good fit.
"He [Benitez] is exactly what Arsenal need," said Murphy on talkSPORT.
"I heard Paul Merson talking on the Sports Breakfast, saying Arsenal fans want a certain style of play and want to see a team play expansive football…
"…but they do that now and they get murdered.
"I only worked with him [Benitez] briefly, but he was bang on it.
"He was all about: 'This is what we're going to do and this is how we're going to do it'. You know exactly what you're doing.
"He is a calm manager but he's very assertive.
"You wouldn't want to cross him, he's got a real ruthlessness about him."