Gibbs, who has a further four years left on his contract, requested a trade back home to the Adelaide Crows last month due to personal reasons, however, the two clubs could not come to an agreement.
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But Murphy said Gibbs was ready to fully commit to the Blues for season 2017.
“I spent a fair bit of time with Bryce in the off-season – especially after the Trade Period – and I think it was a really good chance for him to be away with his mates and have a really good chat about things,” Murphy said.
“He’s an ultimate professional, Gibbsy, he’s been around for 10 years now, played some really good footy for the club and I’m sure he’ll get back to those levels – if not go higher – again next year.
“He’s a tremendous footballer and person, and he loves the footy club and the footy club love him, so we’re rapt to have Gibbsy still with us.
“At the moment he’s in a really great space.
“We’ll help him off the field, he’ll be a great support to me on the field and off the field, we’ll revisit in 12 months but he’s still got three more years at the footy club and I’d love to see him finish out the three years here.”
Gibbs, who has played 209 games with the Blues since being selected with pick No.1 in the 2006 National Draft, returned to training with the club’s other senior players a fortnight ago.