The actor is believed to be teaming up with The Shield creator Shawn Ryan on the project.
Vulture reports that Murphy and Ryan are working with Sony Pictures Television, and have just begun pitching to broadcast networks.
Murphy originally starred as talented police officer Axel Foley in the Beverly Hills Cop trilogy and is tipped to reprise the part in the planned TV series as a supporting character.
The new series is rumoured to have a focus on Foley's son.
Murphy will also serve as an executive producer on the project.
The movies have made over $700 million (£442 million) to date, and the series' iconic theme tune 'Axel F' became a hit in the US and across Europe.
Watch a trailer for Beverly Hills Cop below: