In this paper, we consider variational approaches to handle the multiplicative noise removal and deblurring problem. Based on rather reasonable physical blurring-noisy assumptions, we derive a new variational model for this issue. After the study of the basic properties, we propose to approximate it by a convex relaxation model which is a balance between the previous non-convex model and a convex model. The relaxed model is solved by an alternating minimization approach. Numerical examples are presented to illustrate the effectiveness and efficiency of the proposed method.