Murphy, 21, finished second to Chris Judd in this year's John Nicholls Medal count on Thursday night and admitted he was excited by the prospect of pledging his future to the club when he spoke to the media following the awards ceremony.
"It's pretty much done I think," Murphy said from Crown Palladium.
"I've just got to sign it, I think, so I'm just waiting to get the paperwork put in front of me and then I'll sign on the dotted line and I'm looking forward to doing so."
Murphy's signature was keenly sought by the club and fans alike, with news that the first overall pick of the 2005 NAB AFL Draft is about to sign his second contract with the Blues sure to bring excitement and relief.
The former Oakleigh Charger averaged 24 possessions a match in his breakout third season, and saw him continue on the path to becoming an elite AFL midfielder.
News of Murphy's imminent re-signing comes on the heels of the announcement of a new three-year deal signed by Jarrad Waite and two-year contracts agreed to by Joe Anderson and Jordan Russell.
