Sunderland boss Mick McCarthy has however decided against allowing Murphy a second month with The Owls and he could go straight into the first team squad for the hectic festive programme of games.
"It's been a good experience," Murphy told Sunderland's official website.
"I'm looking forward to coming back and showing what I can do at Sunderland.
"I settled very quickly at Wednesday, I've really enjoyed it, it's a big club.
"Now I want to get back in the Sunderland team and play as many games as possible in the Premiership."