The team is voted for by fellow League One players, and adds to a memorable season for both players and the Scunthorpe team.
Murphy has already picked up the first player-of-the-season award at Glanford Park, having been named Irish Iron's choice last week.
And Sharp, virtually certain to finish the division's top scorer, has matched United's club record of 31 goals in a season - and has two games left to set a new benchmark for Iron strikers.
Team in full:
Joe Murphy (Scunthorpe)
Jon Otsemobor (Crewe)
Matt Lockwood (Leyton Orient)
Terry Skiverton (Yeovil)
Ian Breckin (Nottingham Forest)
Wes Hoolahan (Blackpool)
Richie Wellens (Oldham)
Matt Jarvis (Gillingham)
Chris Shuker (Tranmere)
Luke Varney (Crewe )
Billy Sharp (Scunthorpe)