Murphy, 27, re-joins his hometown club after half a season with UCL side Deeping Rangers.
"It’s good to be back," Murphy said.
“Of course I know the situation and hopefully I can play a part in helping this team achieve what they set out to do which is to stay at this level."
The club also announced that Kennelly, 20, has returned to the club for the rest of the current season, returning from St Ives Town.
“After being out injured for 15 months, I just want to play football and I felt more at home with the Wisbech fans who have been so supportive of me," Kennelly added.
"I want to help my team mates get clear of this relegation battle.”
Wisbech currently sit bottom of the BetVictor S/East table, and host Carlton Town this weekend.
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