The group of influential shareholders who have called for an EGM want to see Murray and Frank Blin appointed to the board.
But current directors have baulked at the businessman, who led the failed Blue Knights takeover a year ago, making a comeback.
They issued a statement on Tuesday night saying they would be prepared to accept Blin, the former executive chairman of Price-waterhouseCoopers, as a director.
But they added they had "reservations about other proposals" put forward by a group that is backed by wealthy Scottish businessman Jim McColl.
The group want chief executive Craig Mather, non-executive director Bryan Smart and financial director Brian Stockbridge removed from the board.
And SportTimes columnist Johnstone believes the Light Blues need lifelong supporters such as Murray involved in the running of the club.
DJ said: "Paul has always had the club at heart. And as well as being a genuine fan, he is a good businessman. I want people who love the club and who want to do something about the situation involved.
"In the last few years there have been too many people who have just been there for the short term to make money and then move on.
"Rangers need directors who have the best interests of the club at heart, the means to sustain the club and the wherewithal to run the club properly."
Some Rangers directors are apparently unhappy with the return of Murray because they believe he has been leaking stories to the media during the Ibrox club's difficulties.
But Johnstone added: "I don't know what has gone on, but you are always going to get stories leaked when there is a power struggle at a club.
"Other individuals on the board and inside the club, people who are wanting to promote their own agendas, have been phoning journalists with stories. That has to stop.
"If this group can get the majority of the shareholders on their side then they can push through change."
Meanwhile, Rangers have confirmed to the Stock Exchange that former director Imran Ahmad has sold his shares in the club.
It has not been confirmed who Ahmad, a close associate of former chief executive Charles Green, has sold his shares to. He has since announced his intention to sue Rangers for £3.4million over money he believes he is owed.