Murphy made his prediction while speaking to BBC Sport ahead of the opening fixtures of the new Premier League campaign, where he also forecast the final positions of the leading contenders.
The former England international expects Arsenal to finish top of the table, with Manchester City in second, Liverpool third and Manchester United completing the top four in fourth place.
Murphy's prediction represents a strong endorsement of Mikel Arteta’s Arsenal side, who have emerged as one of the leading contenders after coming close to winning the league in recent seasons.
Arsenal have an advantage, says Murphy
Explaining his decision to place Arsenal at the top, Murphy pointed to Arteta’s familiarity with his squad and tactical system.
Unlike managers who arrive at new clubs and require an extended period to introduce their methods, Arteta already has an established system and a group of players accustomed to his demands.
“Mikel Arteta didn’t need to spend half the pre-season drilling them [Arsenal players] with his methods like a new manager has to,” Murphy said.
The former Liverpool star believes that continuity could prove important over the course of a long Premier League campaign, particularly during the early stages of the season when teams are still adapting to tactical changes and new signings.
Arsenal’s familiarity with Arteta’s approach could give them an early advantage as they attempt to finally convert their recent title challenges into Premier League success.
Man City remain Arsenal’s biggest threat
Despite backing Arsenal to lift the title, Murphy believes Manchester City have enough attacking quality to mount a serious challenge.
The former midfielder highlighted City's attacking firepower as a major reason for placing them second and described them as Arsenal’s “nearest rivals” for the championship.
“I look at the firepower Man City have got and, whoever the manager is and whoever they are playing against, they are still going to be able to score a lot of goals and win a lot of games,” he said.
“I would still have them as being Arsenal’s nearest rivals.”
Murphy's assessment suggests that he expects City's ability to consistently create and convert scoring opportunities to keep them firmly in contention throughout the season.
Liverpool and Manchester United complete Murphy’s top four
Murphy has predicted his former club Liverpool to finish third, meaning the reigning Premier League contenders would fall short of another title challenge in his forecast.
Manchester United, meanwhile, are expected to return to the Champions League places by finishing fourth.
The prediction sets up an intriguing season for the traditional Premier League heavyweights, with Arsenal and Manchester City expected to lead the title race, while Liverpool and Manchester United battle to remain among the league's elite.
For Arsenal, Murphy’s prediction will add to the growing expectations surrounding Arteta’s side. The challenge now will be to turn that pre-season optimism into consistent performances when the competitive campaign begins.
With City possessing the attacking quality Murphy highlighted and Liverpool and United expected to compete for Champions League qualification, the battle at the top of the Premier League could once again go down to the wire.