The winger arrived in 2017 in a £10 million deal from Norwich City.
However, he has failed to show his best qualities at the St. James' Park club.
Steve Bruce is finalising his 25-man squad for the Premier League and will allow Murphy to go on loan for regular game time.
Several EFL sides, including Sheffield Wednesday, are registering an interest in the player.
The 24-year-old Murphy will be hoping he can find a club for next season where he can play consistently and show his best form.