Mr Kennedy, left, took a step back from the race to save the club yesterday when he was told by administrators his bid was not high enough.
It came just days after a fifth offer for the club from a Singapore-based consortium.
Mr Kennedy said: "I would not rule myself out of getting involved with the Blue Knights if they need me to help."
Mr Murray welcomed Mr Kennedy's backing and refused to rule out teaming up.
He said: "We need all the help and the ideas we can get."
Administrators for Rangers hope to name a preferred bidder for the club next week.
As well as bids from Kennedy and Paul Murray, United States-based Club 9 Sports and a UK-based consortium have also indicated their interest.
Meanwhile, former Rangers chief executive Martin Bain has dropped his legal action against the club money frozen as part of his case, minus legal expenses, "in an effort to help the club".
Bain was pursuing the club for damages, alleging a breach of contract following Craig Whyte's takeover.