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Fourth Installment of "Beverly Hills Cop" in the Works

Dimitrios Kambouris/Getty Images(NEW YORK) -- Paramount Pictures is working on a fourth installment of the Beverly Hills Cop series, according to

Eddie Murphy has signed on to return as street-smart Detroit cop Axel Foley.

The news comes months after CBS opted not to pick up a Beverly Hills Cop pilot that would've starred Brandon T. Jackson as Foley's son and featured Murphy in a guest role.

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