The Netflix-Paramount deal also includes an option on a Beverly Hills Cop 5.
Speaking with Digital Spy, the rising filmmakers have confirmed that a screenwriter has already been hired to write the first draft.
Beverly Hills Cop was directed by Martin Brest from a script written by Daniel Petrie Jr. It followed the story of street-smart Detroit detective Axel Foley, who went to Beverly Hills, California to investigate the murder of his best friend Mikey, played by James Russo.
This marks the second collaboration between Murphy and the streaming service, who have recently put out the comedy biopic Dolemite Is My Name.