And former Liverpool star Murphy believes it would be the perfect job for Gerrard - who departed his role at Al-Ettifaq last month.
John Eustace sensationally quit Rovers on Thursday to become Derby County's new manager after the Rams sacked Paul Warne last week.
The former Fulham star said: "He would have learned a lot of lessons from that and with the Blackburn job, I think he'd jump for the opportunity.".
Gerrard was odds-on favourite to land the tricky Derby job, before former Rams player Eustace took it.
Rovers are fifth in the Championship table and well and in the play-off hunt - but Eustace has departed for a club sitting just outside the second-tier's relegation zone, separated only by goal difference.
