The Ireland international, now entering his 14th season at Tigers, lifted the Premiership trophy in each of the last two seasons.
“Geordan will captain the side again,” said Leicester Tigers director of rugby Richard Cockerill.
“He’s done an excellent job in the last 18 months as captain, he has huge experience in rugby and a great knowledge of the game.
“We’ve got a number of senior players and leaders in the squad who will also play their part. Louis Deacon has captained the team a number of times, and then there are guys like Tom Croft, Toby Flood, Anthony Allen, Dan Hipkiss and Jordan Crane, younger players who have a lot of experience and are maturing and coming through now. They can all lead on the field.”
Murphy has made more than 260 appearances for the club since his debut in 1997, and has collected seven Premiership titles, back-to-back Heineken Cup successes and an Anglo-Welsh Cup victory in Tigers colours.
“It is a huge honour to captain Leicester Tigers and I’m very happy to do it,” Murphy said.
“You never think you deserve to be captain, but it is definitely a privilege to do it at this club.”
Murphy also captained Ireland for the first time in the summer of 2010, leading the team out against New Zealand Maori on tour.
