The pair, who are both 19, have progressed through the club`s Academy ranks, with midfielder Hyam making a total of 13 first-team appearances for Town this season while striker Murray, recently recalled from a loan spell with Torquay, has featured 12 times from the bench.
Hyam told the club`s official website: "I am obviously delighted to have been handed a new contract and now I`ve got to get my head down and try and impress the manager.
"It`s been an up and down year for me - with playing games at the start of the season, then getting the red card at Reading and then tearing my hamstring. But I`ve been involved in the squad lately and now I`ve got to push on and show the manager I`m worth a place in his side next season."
Murray shared Hyam`s ambitions, adding "It`s a big year for me next season. I really enjoyed my time at Torquay but I`m an Ipswich player and want to play games here."
Source: PA
Source: PA