The classic action-comedy franchise features Murphy as detective Axel Foley.
Murphy is working closely with Paramount and di Bonaventura to update the successful film franchise, Daily Variety reported Thursday.
The first two installments in the "Beverly Hills Cop" series, produced by Jerry Bruckheimer and his former partner Don Simpson, did extremely well at the box office.
Released in 1984, the first "Beverly Hills Cop" grossed more than $234.7 million domestically and another $81 million overseas.
The next installment, released in 1987, took in more than $153.6 million in the United States and another $146 million overseas.
But in 1994 "Beverly Hills Cop III" grossed only $44 million domestically.
"Axel Foley is one of the great action-comedy characters, a character that Eddie loves. I'm lucky enough to help bring it back," di Bonaventura said. "This genre is missing from the landscape."