A new "Beverly Hills Cop" sequel starring Eddie Murphy appears on the horizon.

Paramount Pictures and Netflix have reached a one-time license deal that allows Netflix to make the fourth installment in the action-comedy franchise -- the first in 25 years -- according to multiple reports.

"Beverly Hills Cop" debuted in 1984 when Murphy was at the height of his career, coming off his successful run on "Saturday Night Live" and his stand-up comedy specials. The movie was about a street-smart, break-the-rules Detroit cop who heads to California to find those responsible for killing his best friend. He teams up with a pair of by-the-book Beverly Hills police detectives who reluctantly help him.

The film rattled off sequels in 1987 and 1994. 

RELATED: Exclusive interview with Robert De Niro for 'The Irishman'

RELATED: Interviews with the cast of new rom-com 'Last Christmas'

The Hollywood Reporter reports that Paramount planned to release "Beverly Hills Cop 4" in 2016 but those plans fell through.

Deadline reports Murphy, 58, has been in discussions with Netflix for a new stand-up special, his first since the 1980s. He's also set to star in next year's "Coming 2 America" -- a sequel to 1988's "Coming to America" in which he plays an African prince who travels to Queens to find a bride.

Murphy will host "SNL" on Dec. 21, marking the first time he will perform on the show since 1984.