The midfielder joined the Club in the summer of 2010 and his 41 appearances secured him an extended contract at the end of 2010/11.
He was also a key player during the 2011/12 season and his consistent performances secured him the Supporters' Player of the Year and Away Player of the Year awards.
Murray has been unable to hold down a regular place in the current campaign and expressed a desire to move on early to secure a new club and begin concentrating on his coaching aspirations.
"We'd like to thank Paul for all his efforts since he joined the Club," commented Chief Executive Russ Green.
"He's always given 100% in everything he's done so he moves on with our blessing and our sincere best wishes.
"I'm sure that if he puts in the same amount of dedication and commitment he's shown here in the last two and a half years that he will make a massive success of whatever he whatever chooses to do in the future."