The actress - who has played Anita Roy's long-lost mother Eva since February - told producer Paul Marquess earlier this year that she would be unable to stick with the soap beyond her original contract.
Murphy had made her decision after learning that her husband Harry Kewell's football career would soon take him to the US. As the couple began making plans for a Stateside move, Hollyoaks bosses started to work on an exit storyline for Eva.
However, as it has since been confirmed that Kewell will remain with his current club Galatasaray for the 2010-2011 football season, the situation has now changed. While Eva will disappear from screens as originally planned, the Hollyoaks team have said that they are already devising a comeback plot for the character.
Speaking of her alter ego's upcoming exit, Murphy commented: "Sadly, because we thought that my husband's football career was going to take us to the States, I was unable to sign another contract with Hollyoaks. However, our circumstances have now changed and I've told Paul that if storylines allow, I would love to continue in the role of Eva.
"Hollyoaks is going from strength to strength under Paul's guidance and I've absolutely loved acting again. Paul has been lovely and I'm very hopeful that the door will be left open."
Paul Marquess added: "I'm a huge fan of Sheree's and I think Eva is a great character who really comes into her own in the next few months. The stuff that viewers will soon see on screen is absolutely hilarious between Eva and an embarrassed Anita.
"Sheree will be taking a little break on screen because of her family commitments, but we're already thinking about how we'll bring her back."
Murphy, who has three children with Kewell, previously played the role of Emmerdale barmaid Tricia Dingle for six years.