Murray has served as the center fielder and cleanup hitter for Oklahoma's baseball team and is expected to be taken early in next week's MLB draft.
Lincoln Riley, head coach of the football team, is expecting Murray back for at least one more season.
Riley cited an understanding with Murray's family that he would be back on the gridiron in 2018. Murray is expected to skip summer baseball in favor of football workouts.
"I knew the deal when we were getting into it. (They have) lived up to their word in every part of it," said Riley, per Jake Trotter of ESPN.
Riley is yet to choose his starter between Murray, a redshirt junior, and sophomore Austin Kendall.