He said after the League Cup win over Barnsley: "We will reject it [Chelsea's bid] in the morning and get on with our business."
However, former Liverpool man Murphy believes Everton would be 'crazy' to turn down £40million for the centre-back.
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Danny Murphy believes Everton should cash in on John Stones
He told TalkSPORT: "If he really wants to go, mentally it is very difficult to have a player playing to his maximum when he is somewhere else.
"From a financial point of view, it is crazy not to sell him.
There is a risk for Everton if they keep him that they will never get that amount for him again
Danny Murphy
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“What can happen this season is, God forbid, he could do a cruciate knee ligament or he could have a bad season if his head is not right – and the huge attention on him now from the media could have an adverse effect.
“There is a risk for Everton if they keep him that they will never get that amount for him again.
"That is not a reason to sell, but it has got to be taken into consideration with all the other factors.”