"I came here two years ago and have just fallen in the love with the place," Constable told BBC Oxford.
"To lead the team out is a great honour. It's something I am delighted to be doing and I am very proud."
Constable, who captained the U's for the second half of last season when Murray was injured, scored 26 times during Oxford United's promotion season but he says it did not take long after the play-off final win over York to think about the year ahead.
He said: "As soon as you lift that trophy you have the enjoyment of doing it, but you know it was for one thing, to be back in the league.
"We can look forward to a season of League Two football now and we will be aiming for some success at the end of it."