Please Wait . . .
The Reds' chances of completing a full top-flight season unbeaten were ended when they were beaten by Watford 3-0 on Saturday, and their treble dream is now also over after a second successive defeat.
Jurgen Klopp must now pick his side up ahead of a meeting with Bournemouth at Anfield on Saturday, where a win could see them move to within just nine points of sealing a first domestic crown in 30 years.
Murphy is adamant that Liverpool would "happily sacrifice" success in any of the cups to pick up an elusive trophy come May, and believes recent results have been "over-egged" by rival supporters and experts.
"The better team won overall, but Liverpool can take some positives," the ex-Reds midfielder told Talksport when discussing Chelsea's win.
"It was a better performance than against Watford and, considering in the last two rounds he's played weakened teams, I don't think Jurgen Klopp will be too distraught that he's gone out.
"I think it's been over-egged in terms of the relevance of some of the defeats.
"Let's put it in perspective: Liverpool haven't won the league in 30 years. The demand to win the league is huge now and It's nearly done, it's nearly over the line.
"Every Liverpool fan on the planet would happily have sacrificed every cup competition, including the Champions League, to get the league over the line this season.
"The fact they've done it so convincingly and so comfortably, I think fans get a bit greedy and think, 'actually we could win the Champions League again'.
"But at the beginning of the season nearly every Liverpool fan on the planet would have said, 'it's the league this year and that's it', they would take it with open arms and grab it.
"So I don't think Liverpool fans are the ones who are worried.
"Yes, the performances haven't been great; they're missing Jordan Henderson, Fabinho doesn't look back to his full fitness and there are a few little problems.
"But ultimately they're going to win the Premier League and that's the Holy Grail for Liverpool Football Club."
After their latest Premier League outing, Liverpool will start preparing for a Champions League last 16 second-leg encounter against Atletico Madrid on March 11, as they aim to overturn a 1-0 aggregate deficit and move a step closer to retaining their European crown.