The 25-year-old arrives from Sunshine Coast Wanderers after American goalkeeper Olivia Sekany was re-called by parent club Racing Louisville in the United States.
Melbourne Victory have announced an agreement with Brighton and Hove Albion owner and chairman Tony Bloom that has seen him personally acquire a 19.1% stake in the club, with an ability to increase his ownership over time.
Furphy, 21, joined Victory on an injury replacement contract in January and has impressed through her first six games, replicating the form of a fellow Ninja A-League rising star.