Claudio Ranieri's side have won eight of the last 11 league games and are unbeaten in five as we approach the business end of this most open of seasons.
Leicester's odds on what would be the most astonishing league title win in the history of English football have tumbled in recent weeks as a result of their form.
'I don't know...'
"I don't know why I would say no (they won't win the league)," Murphy told MOTD.
"I just can't believe that dream can happen."
Murphy was complimentary about the team's performance against Palace, though, highlighting their defensive solidity as reason enough to live in hope.
"They don't carry anybody defensively, they all work together, they've got no passengers, it's fantastic to watch."
Murphy is a great student of the game and usually offers a considered and logical viewpoint fans can relate to.
But it sums up the kind of season it has been that even he can't get his head around how things will end up.
Fan power can push Foxes over the finish line
Murphy's sentiments are echoed by many neutrals who feel the Foxes may crumble as the pressure increases as the games tick down.
But in reality Leicester aren't under any kind of pressure.
They have played a footballing game of snakes and ladders in their meteoric rise from relegation certainties last season to title favourites.
The fairytale story proves romance is not dead in football a fact not lost on many fans up and down the country who are rooting for the underdogs to hold on and achieve the impossible.