Eddie Murphy first appeared as Detroit police detective Axel Foley in 1984's "Beverly Hills Cop." Nearly 30 years since the first film, and 20 years since the most recent film, Eddie Murphy is reprising his role as Foley in "Beverly Hills Cop 4."

Read: Eddie Murphy is shopping a 'Beverly Hills Cop' TV show to various networks

According to Deadline Hollywood, Paramount has begun moving fast on another movie. The "Beverly Hills Cop" movies have grossed near $750 million collectively.

Slideshow: Detroit's Mumford High School demolition

No projected release date has been announced for the movie.