The brainchild of Boost Mobile boss Peter Adderton, four-time Bathurst 1000 winner Murphy is set to team up with Stanaway for a Great Race wildcard.
The idea is inspired by the Triple Eight wildcard that will be driven by veteran Russell Ingall and teenager Broc Feeney.
While contracts are yet to be signed, a number of sources have indicated to Motorsport.com that the project is close to being a lock.
Erebus Motorsport has emerged as a contender to run the car, through its existing relationship with Boost Mobile. The telco backs the #99 Erebus entry raced by star rookie Brodie Kostecki.
Dick Johnson Racing was linked to the project early in the piece, however a recent Instagram post from Adderton indicated that a Holden was the preferred choice based on fan feedback.
That would also better fit Murphy’s long-standing ties to GM.
Should the deal happen, it would mark a return to Mount Panorama for Murphy six years after he last raced in the Bathurst 1000 with the Holden Racing Team.
His remarkable Great Race record includes wins in 1996, 1999, 2003 and 2004 – although arguably his most famous Bathurst moment was his Lap of the Gods qualifying effort in ’03.
Stanaway, meanwhile, walked away from motor racing entirely after two tough campaigns as a Supercars full-timer in 2018 and 2019.
The once successful open-wheeler and sportscar ace was a high-profile addition to the Supercars grid with Tickford in 2018 after impressing as an enduro driver the previous two seasons.
However he struggled in Tickford’s fourth entry in his first full-time campaign and eventually fell out with the team.
He got a reprieve for the 2019 season when Adderton insisted that Stanaway join Garry Rogers Motorsport as part of a title sponsorship deal.
He was drafted in as a replacement for Garth Tander but, with endured another tough year thanks to GRM’s general lack of form and a persistent neck injury.
There was also friction between the driver and the team that came to a head when Stanaway was benched for Sunday’s race on the Gold Coast.
He elected to hang up his helmet and return to New Zealand at the end of the season.