Murphy has backed Tottenham to finish second and their North London rivals Arsenal to come third.
"My heart wants my old team Tottenham to win the title but my head says Leicester are going to do it because of the way they are digging out results,” the former Tottenham and Liverpool man told BBC Sport.
Murphy believes that Manchester City will clinch the prized fourth spot, and has backed Manchester United and West Ham United to finish fifth and sixth respectively.
Former Newcastle United and Tottenham star Chris Waddle believes that Spurs will win the Premier League title this campaign.
Waddle has claimed that Arsenal will come second and current league leaders Leicester City will drop down to third at the end of the season.
"It is Tottenham for the title for me - their players are bang in form and they have got real momentum,” the former England international told BBC Sport.
"Arsenal always have a blip, like the one they have had in the last couple of months, but they always finish the season well.”
Interestingly, Waddle does not fancy West Ham, who are in great form at the moment, to finish in the top six.
The former Sheffield Wednesday star has backed Manchester City to finish fourth, Manchester United to come fifth and Southampton to end up sixth.
What is also noticeable in Murphy and Waddle’s predictions is that neither of them has predicted Liverpool to finish in the top six.