Murphy called for his shot, while Volkanovski agreed the 34-year-old deserved it.
Instead, the UFC went in a different direction, with Volkanovski having to defend his belt in a rematch against Diego Lopes in February, who he had beaten 10 months prior.
The decision was an eye-opener for UFC London headliner Murphy.
Despite an unbeaten start to his 18-fight career and going viral with the knockout of Pico, he had been overlooked.
Murphy chuckles wryly before adopting a more serious tone as he explains why he missed out.
"It kind of woke me up to a lot of things, but I understand it," Murphy tells newsmen.
"You have to understand it's an entertainment business. It shouldn't be that way but it is that way. "
Instead Murphy has been pitted against Russian Movsar Evloev at UFC London on Saturday, in what on paper looks like a number-one contender fight.
Even before a punch is thrown, Murphy's title credentials are being questioned by rival fighter Jean Silva, who claims he will be given the next shot at Volkanovski because he is more exciting.
As Murphy's battle to secure his title shot goes on, newsmen spoke to fighters on the card about the UFC's potentially evolving matchmaking policy and why top contenders sometime get overlooked.
Murphy is ranked third at featherweight, with Evloev first, so why did second-ranked Lopes get chosen to fight Volkanovski again after previously suffering defeat?
The answer may lie in MMA existing as a sport, but the UFC being a multi-billion pound business that has grown rapidly in the past 10 years.
Businesses make money and the UFC does that by getting fans to pay to watch the fights it stages, and more importantly, its fighters. It recently signed a £5.7bn broadcast deal with Paramount.
This is where Murphy may have suffered.
Despite his work in the octagon, Murphy's reserved personality doesn't create viral soundbites like some of his peers, while the Mancunian does not have a vibrant social media presence.
He's one of the few where it's from his success in the cage, Alex Pereira.
He's got such star quality without being too over the the top," said Page.
"He's someone who is active, wins consistently, so you see him a lot from the promotion of the UFC - not necessarily his own promotion."
If Murphy beats Evloev it will be his 10th straight win, extending the current longest win streak at featherweight.
Should he secure a title shot afterwards, he would have done it the hard way.
Murphy has been made to wait, and is prideful in how he has earned his opportunities in the UFC, but advises youngsters there are easier routes to boost your standing in the promotion.
"You have to have some sort of niche," says Murphy.
"For me, I am already there. There is not much I can change at this point."
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