The highly-rated 19-year-old joined United's Academy in the summer of 2022 from hometown club Galway United before making his first-team debut for Eddie Howe's side in December 2022 during a 5-0 win against Al Hilal in Riyadh.
The Irish youngster featured in Newcastle's pre-season campaign last summer, making his first start for the club in a 2-0 victory against Fiorentina at St. James' Park, before accruing two Premier League outings so far this term, making his English top-flight bow during a 4-1 win against Chelsea in November 2023.
A representative of Republic of Ireland at under-19 level, Murphy expressed his delight in committing his long-term future with the club and is hopeful of building further on a positive 2023/24 campaign.
The teenage defender, capable of playing as a centre-back or full-back, told newcastleunited.com: "It's some feeling and what I've been working towards since I joined the club almost two years ago. I love it here and playing my football here.
"I think I'm getting chances in and around the first-team so I think it's going well for me so far. I'm really excited to see what the upcoming years bring and I wouldn't rather be anywhere else.
"It was a big step for me moving away from Annaghdown. I had to wait until I was 18 to come over and it was a different experience, leaving Ireland for the first time, but I've learnt so much off the pitch as well as on it, how to live by yourself but I've loved every minute.
"The new contract shows that the club have faith in me, which is a big thing for any player. It gives you more stability, you know how long you are here for and you can set goals. Next season is big for me. I want to try and fully break through, playing in the Premier League every week. That's the goal."
Named in 19 of United's competitive matchday squads so far this season, Murphy has relished his involvement within the senior squad in recent months and believes he has only benefited his game further under head coach Eddie Howe whilst training alongside his vastly experienced peers.
The versatile youngster revealed he is keen to continue embracing the "invaluable experiences" and developing further under Howe in the fledgling years of his career.
He added: "He's the most important person at the club so I'm trying to impress him everyday in training, getting better and hopefully he sees that I'm ready for a start or to play regularly in the Premier League.
"He has already improved my game massively. I came into the first-team set-up in November after an injury and have been up at the training ground full-time since then, learning from him, the coaching staff and the players everyday in training."
Murphy, along with a number of youngsters from United's Academy, travelled with the Magpies' first-team squad to the United States in July for the club's Premier League Summer Series campaign and, following Fabian Schär's first-half injury during Newcastle's 1-1 draw against Chelsea, produced a commendable display against the Blues at the Mercedes-Benz Stadium in Atlanta.
The promising youngster was then handed his first start for the Magpies against Serie A side Fiorentina at St. James' Park the following month, recording a clean sheet during the Sela Cup clash in front of over 36,000 spectators.
"I went into that pre-season not expecting to get the minutes I got but it's when you do get them, you have to take your chances," he explained. "Fabian came off injured against Chelsea and that gave me my chance, playing around 70 minutes and I thought I did well. From there, it was a big milestone for me to play that many minutes with the first-team.
"Playing against Chelsea is a big one to come on for, even if it was a friendly, but if you do well against top players, you know you can play at that level. I was delighted after that game.
"I started against Fiorentina at St. James' Park (in the Sela Cup). It was brilliant and what every youngster from the Academy wants as you can showcase what you can do. It was my first start for the club so another big milestone in every player's career. To get that under my belt, especially at St. James' and keeping a clean sheet, was unreal."
A lifelong dream was fulfilled in November as Murphy, as well as Academy graduates Michael Ndiweni and Amadou Diallo, was handed his Premier League debut in the closing stages of a 4-1 home win against Chelsea.
Murphy, who featured as a late substitute in Newcastle's 5-1 win against Sheffield United last weekend, is hopeful of accumulating more gametime at first-team level in the forthcoming years.
"That's the dream from when you start as a young child - wanting to play football in the Premier League. To do it at home, against Chelsea, was a massive moment. The feeling I got after the game was something I don't think I'll ever experience again and one I'll remember forever.
"Since I joined the club's academy, I was playing with Michael and Amadou for the under-21s so it was great that a few of us got on the pitch that day and it was a nice game to come off the bench for as we were 4-1 up and Chelsea were down to ten men so you could relax a bit and enjoy the game more.
"Any minutes you get with the first-team makes you want more. I want to play at the highest level, especially in front of crowds like those at St. James' Park. It makes you want to impress even more and you gain so much experience from every minute you're out there and I'll be striving for more."
It has, ultimately, proved a positive season for Murphy despite sustaining a hamstring injury in September and now has his sights set on making his full competitive debut for United.
He added: "In terms of games, I think I've only played a few but I did have an injury and then when you come up to the first-team, you don't get to play for the under-21s as much so I haven't had much game time.
"At the same time, it's been a great season because I've made that step into the first-team. It's been high and lows after getting injured at the start of the season which was hard but, overall, I think it's been good and the new contract to top it off is a great feeling.
"Coming off the bench is good but you want to be starting matches. Every player is mad and disappointed when you're on the bench so a start in the Premier League will be the goal. Hopefully, it comes soon."