Arsenal drew their fourth successive Premier League game on Saturday after being held to a frustrating goalless draw by Fulham.
Murphy believes Arsenal are going through a transitional period and that they do not have the experience to mount a serious title challenge.
"I have been watching them a lot recently and what they do is play a lot of pretty football, but don't have that cutting edge they once had with the likes of [Thierry] Henry or since then, Fabregas and Adebayor, who are two big players for them," said Murphy.
"With those two not playing you feel you have more of a chance, like with any team when you miss your best players.
"If ever there was a chance it was this one, and even though we're happy with a point there's a sense of disappointment as the lads thought there was a chance to go on and win it."
TransitionMurphy added: "It's a younger Arsenal team, a team more in transition. In the past when you played Arsenal there were more experienced internationals. You go further back and they had [Patrick] Vieira, [Robert] Pires, [Freddie] Ljungberg. You know they've been there and done that and maybe they lack that a little bit.
"Arsene Wenger has gone with a younger squad and obviously it's going to evolve. They're wonderfully gifted players, but I'm a believer in any team of having a mix of experience and youth.
"A bit of experience goes a long way and even though they have it in one or two areas I don't think they have it in enough - but Arsene knows what he's doing better than me."