Murphy, who spent a month on loan at Hillsborough nearly a decade ago, has missed the Tractor Boys last three matches due to a calf problem he sustained on international duty.
Republic of Ireland international Murphy has bagged 10 goals this season.
“He’s been training, he’s no good for Saturday,” said Ipswich boss Mick McCarthy. “I think he’s making noises that if he’s going to come back, Tuesday (at home against Fulham) will be the game for him.”
Ex-Owls midfielder Giles Coke is expected to miss the remainder of the campaign after undergoing knee surgery.
McCarthy said: “Giles is on crutches, he had his knee operated on. It’ll be next season the first time he’ll be back.
“He injured it in training and has subsequently had an operation on it and won’t be back until pre-season. It’s a nasty injury he’s got.”
Midfielder Luke Hyam will serve a one-match ban following his red card in Saturday’s defeat to Brentford. Larsen Touré (groin) and Luke Varney (hamstring) are major doubts for the trip to South Yorkshire after picking up knocks in training yesterday.
England Under-17 international Andre Dozzell will be included in the travelling party but Teddy Bishop will play no part in the fixture.