The 40-year-old Speed was one of the Premier League's most consistent players and was part of the Leeds United squad which won the title in 1992.
He started his professional career at Leeds, making his debut in 1989, and he also went on to play for Everton, Newcastle United, Bolton Wanderers and Sheffield United.
Speed also excelled at international level where he became Wales' most-capped outfield player after scoring seven goals in 85 appearances.
He also held the record of most Premier League appearances with 535 until February 2009 when Portsmouth goalkeeper David James overtook him.
Speed finished his playing career with Sheffield United at the end of last season and is now on their coaching staff.
Meanwhile, Murray, who becomes Sir Bob, receives his knighthood for services to football and education.
He is credited with rescuing Sunderland from bankruptcy in 1986 and has also been heavily involved in education through the new City Academies.
Murray said: "I feel incredibly proud and am overwhelmed to receive such an enormous honour.''
Tony Carr, West Ham's academy director, receives an MBE for his work in bringing through young players including no less than seven members of the current England World Cup squad: Frank Lampard, Joe Cole, Michael Carrick, Jermain Defoe, Glen Johnson, John Terry and Rio Ferdinand.
Carr, 59, said: "This was so unexpected - when I saw a letter from HM Government drop through the letterbox I thought I must have driven in the bus lane!
"My reaction was one of disbelief and I had to read it again to make sure, and it was very humbling, and I am very proud and pleased.''
Bert Williams, the Wolves player who kept goal for England in the 1950 World Cup, receives an MBE for services to football and charity at the age of 90.