The pair played together at Liverpool between 1998 and 2004.
Murphy and Gerrard, the current Rangers manager, played together at Liverpool between 1998 and 2004.
And the pair could have reunited at Anfield towards the end of the latter's playing career, when the Crewe Alexandra academy product held talks to become part of Brendan Rodgers' backroom set up.
Gerrard, who began coaching with Liverpool's Under-18s, has already been touted as a possible successor to Jurgen Klopp as boss of the Reds, after an impressive 18 months at Rangers.
Both managers' contracts were recently extended to 2024, fuelling talk of the above.
And speaking as a guest on Talksport earlier, Murphy said: "Yeah (he would go back if Gerrard asked). Depends what role, but yeah.
"There's many factors when you're talking about that. What role; what influence do you have. I've known Stevie a long time but it's a few years ahead that isn't it?
"He's got very able staff around him at the moment, so maybe he wouldn't need me."
Gerrard's Rangers staff currently includes the former Liverpool coaches Gary McAllister, Michael Beale, Tom Culshaw and Jordan Milsom.
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