His goal in the 4-0 win over Dundee earlier this month will prove to be his last strike on his final appearance for the club.
Miller, 38, and 30-year-old Wallace were reported to be involved in an angry outburst with Murty in the aftermath of the club's humiliating collapse against Brendan Rodgers' side.
According Sky Sports, both Wallace and Miller will be suspended.
The move could effectively end Miller's career with Rangers as his contract is set to expire at the end of the season.More news: Russian court bans access to Telegram messenger
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"It doesn't look too good on the club or the players".
"This is a culmination of what the powers at be believe has been disruptive behaviour in the squad".
In a statement, Rangers confirmed the two players had been suspended on Tuesday morning "pending an investigation into a team related incident".
"I've been in a hundred dressing rooms when choice words have been used after the game". Neither have been key men this season and did not play in the horror show at Hampden, and each have been model professionals during their time at Rangers, but it appears they have crossed a line with their post-match conduct after the defeat to Celtic.
What's your view on how Rangers are dealing with Miller and Wallace?