Murray, who replaced Chase in SNL's cast in 1976, reflected on how tensions behind-the-scenes led the two to brawl when Chase returned to host the show in season three.
"It was really a Hollywood fight. Chevy is a big man, I'm not a small guy, and we were separated by my brother Brian [Doyle-Murray], who comes up to my chest," he told Empire.
Murray continued: "It was kind of a non-event. It was just the significance of it. It was an Oedipal thing, a rupture.
"Because we all felt mad he had left us, and somehow I was the anointed avenging angel, who had to speak for everyone. But Chevy and I are friends now. It's all fine."
The duo later went on to star together in the box office smash Caddyshack in 1980.
Murray's comments come just months after Chase became embroiled in a public feud with former Community showrunner Dan Harmon.
In March, Chase's voicemails to Harmon were leaked to the press and the actor could be heard describing Community as "just a mediocre f**king sitcom".
Chase soon distanced himself from those pointed comments, saying: "I'm very happy. It's a lot of fun and it's a great group of people in every way - cast, directors, writers."
Community was eventually renewed for a fourth season, but Harmon has been axed as showrunner in favour of David Guarascio and Moses Port.
Watch Chevy Chase in a Saturday Night Live sketch below: