The 24-year-old joined the Toon from Norwich City in the summer of 2017 for a fee believed to be worth £12 million, according to BBC Sport, and he has gone on to make 41 appearances in all competitions for the Tyneside outfit.
Murphy will undoubtedly be a decent addition for Sheffield Wednesday, as the south Yorkshire outfit look to push for promotion this season.
The Newcastle winger possesses rapid pace, and his direct playing style is ideally suited to the intense nature of Championship football.
He has struggled at Newcastle, however, so he will be excited at the prospect of a new lease of life at Hillsborough.
Sky Sports (Live transfer feed, 07:10) claims Murphy is en route to Yorkshire to complete a medical ahead of a proposed season-long loan move to Wednesday.
And it could turn out to be a great piece of business from the Owls.
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