Eddie Murphy set for 'Beverly Hills Cop' sequel on Netflix

Netflix is set to make the next installment of the “Beverly Hills Cop” series.

The future “Beverly Hills Cop” release comes off the heels of a one-time licensing deal between Netflix and Paramount Pictures to revive the movie series.

Eddie Murphy will reprise his role as Axel Foley from the first installment of the popular series. Jerry Bruckheimer is slated to produce the upcoming film, per The Hollywood Reporter.

EDDIE MURPHY AND FIANCEE PAIGE BUTLER WELCOME A BABY BOY, THE ACTOR'S 10TH CHILD

Eddie Murphy speaks to reporters as he arrives for the Mark Twain prize for Humor honoring Murphy at the Kennedy Center in Washington October 18, 2015.

Eddie Murphy speaks to reporters as he arrives for the Mark Twain prize for Humor honoring Murphy at the Kennedy Center in Washington October 18, 2015. (Reuters/Joshua Roberts)

Viacom CEO Bob Bakish offered his insight into the move on an analyst call on Thursday. He noted that Netflix and Paramount “will produce a new film based on an iconic IP and further expands our relationship with this important original production client.”

EDDIE MURPHY AND FIANCEE PAIGE BUTLER WELCOME A BABY BOY, THE ACTOR'S 10TH CHILD

Eddie Murphy is honored with the Mark Twain Prize for American Humor at the Kennedy Center for the Performing Arts on Sunday, Oct. 18, 2015, in Washington.

Eddie Murphy is honored with the Mark Twain Prize for American Humor at the Kennedy Center for the Performing Arts on Sunday, Oct. 18, 2015, in Washington. (Owen Sweeney/Invision/AP)

Paramount Pictures signed a multi-picture film deal with Netflix in November 2018. During Viacom’s fourth-quarter earnings call last year, Paramount CEO Jim Gianopulos explained why the studio inked the deal with Netflix.

“Our priority is to expand our role as a major global content supplier,” Gianopulos stated. “As such, we’re exploring various new revenue streams in addition to our traditional theatrical releases as a producer of first-run films and television for other media platforms.”

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The first “Beverly Hills Cop” film was released in 1984, followed by two sequels in 1987 and 1994, respectively. The series has grossed $735.5 million worldwide.

This will be Murphy’s second collaboration with Netflix. It follows his lead role in October’s “Dolemite Is My Name.”