Beverly Hills Cop fans, rejoice.

Netflix is preparing to make a sequel to the popular films and they're bringing back Eddie Murphy to reprise his starring role. According to The Hollywood Reporter, the streaming giant and Paramount agreed to a one-time licensing deal to produce the fourth installment.

The franchise launched in 1984, starring Murphy as Axel Foley, a street smart cop from Detroit investigating his friend's murder in Beverly Hills. It got a sequel in '87, followed by 1994's Beverly Hills Cop III. Altogether, the films grossed $736 million worldwide, so Netflix execs are probably hoping they can recreate that magic for the fourth installment.

The partnership "will produce a new film based on an iconic IP and further expands our relationship with this important original production client," Viacom CEO Bob Bakish said. No word yet on when Axel Foley will be coming to Netflix, but this seems more promising than the various botched spinoffs that have failed to launch.

Since taking a break from the entertainment world for some time, Murphy has returned busier than ever. He's starring in another sequel for a classic film, Coming to America, which will hit theaters in December 2020. He also recently starred in a Netflix original film titled Dolemite Is My Name, as the late blaxploitation actor Rudy Ray Moore.

"I learned on this thing," the actor said behind the scenes of his new Netflix film, "that if it's a good idea, eventually it will have its day. When Rudy was alive we talked about doing this movie and it was something that for years and years was just in the background just, you know, waiting for this moment."

"There was no Netflix when we started trying to make this movie," Murphy continued, explaining the process behind the film. "It was like we needed Netflix to come and we needed all these actors to become who they are and it all came together because the idea was a good idea way back then."

Murphy is also eyeing a return to stand-up, something he hasn't done since the '80s. According to reports, the price is worth it—Netflix is allegedly negotiating somewhere in the range of a whopping $70 million.