Murphy, 28, had 10 catches for 198 yards this season before suffering a torn right ACL in the Bucs' loss to the Washington Redskins on Sunday. He suffered the injury with less than eight minutes left in the first quarter, when cornerback Bashaud Breeland tackled him at Washington's 37-yard line following a 29-yard catch.
No corresponding move was announced Tuesday.
Donteea Dye, who scored a 7-yard touchdown Sunday on his first career reception, figures to take on a larger role in the absence of Murphy, the team's No. 3 receiver. The Bucs also expect tight end Austin Seferian-Jenkins, who has missed Tampa Bay's past four games with a shoulder injury, to return soon and become a factor in the team's passing game.
"It's about the next guy up," coach Lovie Smith said Monday.
The Bucs also announced Tuesday that offensive tackle Martin Wallace and cornerbacks Keon Lyn and Daxton Swanson were released from the practice squad.