The lively winger, who enjoyed a hugely successful nine-goal loan stint at Hillsborough last season, was given a squad number by Newcastle this week as players and staff showered him in praise for his contribution to their pre-season preparations.
Murphy scored from a penalty he earned in a friendly against Barnsley and has impressed during other matches, prompting assistant boss Steve Agnew to say late last month that he was sure Murphy would ‘be around’ the Newcastle squad this season.
The Magpies have since signed former Bournemouth winger Ryan Fraser on a free transfer and former Owls boss Bruce admitted there is still a big decision to be made over Murphy, who is also reportedly of interest to a host of other Championship clubs, including Nottingham Forest and Middlesbrough. His Newcastle contract runs out next summer.
Reports suggest Newcastle are hoping to command a hefty loan fee for Murphy and a healthy contribution to wages in the region of £40,000 per week.
It would represent a hike in what Wednesday paid for his services last time out and may well price the Owls out of any deal, with boss Garry Monk reiterating during the week that they continue to assemble the rest of the squad on a budget.
Speaking to media in the North East about the make-up of his squad, Bruce said: “We have to make big decisions on the two young ones. Jacob Murphy and Dan Barlaser.
“They have both done OK. I have to make a decision, are they going to get game-time? And if they aren't then we will have to let them out again. They have done very well.”
Monk said last week that ‘the door would always be open’ for a Murphy return, but that any deal looked increasingly unlikely. Boyhood Toon supporter Murphy has previously outlined his desire to prove himself in the North East.
Bruce said: “There comes a time, in a month, when I have to pick 22 [outfield] players.
“And at the minute we have something like 28. Unfortunately, there will be people who won't make it. That's what we've got.”