The National understands Miller and Wallace were involved in an angry exchange with Murty in the immediate aftermath of the 4-0 Scottish Cup defeat to Celtic on Sunday.
Neither played in the game, with Miller failing to get off the bench while Wallace wasn't fit to take any part.
The Rangers board believe the duo have shown major disrespect towards the manager, Murty, and should be punished accordingly.
Rangers pair Lee Wallace and Kenny Miller have been suspended pending an investigation into a "team-related incident", the club have announced.
The 38-year-old is out of contract at the end of the campaign and the win over Dundee earlier this month will prove to be his final appearance for Rangers.
His contract is up in the summer and will likely not be renewed.
However, Miller is heading for the exit door after over-stepping the mark on Sunday, and the same could apply to captain Wallace, who has been with Rangers for almost seven years following a 2011 move from Hearts.
Left-back and club captain Wallace, 30, has been sidelined since mid-September because of injury.