The veteran forward is out of contract at the end of the season and becomes an unrestricted free agent – while there are reports he is in the sights of other clubs.
But Carlton and Waite have commenced contract negotiations and Murphy says he wants the big man to stay put.
"I think we’ve seen how important a player he is for the side when he’s up and going,” Murphy told Triple M’s Rush Hour.
“When he’s playing the footy he has been playing the past couple of weeks he is a very valuable player for us .. He’s got some rare talents Waitey."
Waite has been struggling to find consistency this season and has been in and out of the senior side.
But since earning a recall from the VFL in Round 18 Waite has been in red hot form, booting seven goals in two games including a best on ground performance in the win over the Kangaroos.
Carlton’s Round 20 clash with the Gold Coast on Saturday will mark Waite’s 181st AFL game.