The 43-year-old had been given the job until the end of the season but the club has recently been linked with former Liverpool captain Steven Gerrard and are said to be in talks over a deal.
Murty, who failed to conduct and post-match media duties on Sunday, following the defeat which handed Celtic a seventh title in seven years, reportedly told the Rangers squad of his decision on Tuesday morning.
Rangers released a statement, saying: "Rangers are grateful to Graeme, who did not hesitate when asked last October to become interim manager after the departure of Pedro Caixinha and then, at the turn of the year, when he was offered the role as manager until the end of the season.
Graeme has had to contend with difficult and challenging circumstances but conducted himself in a thoroughly professional manner. He will take some time to consider his options, which include returning to his role at the Rangers Academy.
Jimmy Nicholl and Jonatan Johansson will take charge of the team for the match against Kilmarnock on Saturday as well as the two remaining fixtures, against Aberdeen and Hibernian.
Rangers are third in the table, three points adrift of Aberdeen and level on points with Hibernian.