Blackpool's top scorer Steven Davies is set for the Bloomfield Road exit door after asking to speak to another club.
The 29-year-old has scored 30 goals for Palace this season, 29 of which have come in the Championship to make him the division's top-scorer.
His goals have been a major factor in helping Palace maintain their challenge for automatic promotion to the Premier League.
Murray moved to Selhurst Park in the summer of 2011 on a free transfer from Brighton, signing a three-year deal in the process.
The forward began his career with Carlisle and had loan spells at Stockport and Rochdale before joining the latter on a permanent deal ahead of his move to Brighton in January 2008.