The Saints are promoting RB Ty Montgomery to their active roster.
Murray, 30, is a former sixth-round pick of the Raiders back in 2013. After four years with the Raiders, Murray departed for a three-year, $15 million contract that included $3.4 million guaranteed with the Vikings.
Murray later signed a four-year, $14.4 million contract with the Saints in 2019.
In 2020, Murray has appeared in 15 games for the Saints and rushed for 656 yards on 146 carries (4.5 YPC) to go along with 23 receptions for 176 yards receiving and five total touchdowns.