The network has opted not to pick the Eddie Murphy-starring project up to series, Deadline reports.
Murphy would have appeared in a supporting role as original Beverly Hills Cop protagonist Axel Foley, with the new series focusing on Axel's son Aaron (Brandon T Jackson).
The comedy-drama - from The Shield creator Shawn Ryan - was originally considered one of the strongest candidates for a series pick-up this pilot season.
Despite CBS's decision, Beverly Hills Cop will now be shopped to other networks and could still find a home elsewhere.
Men In Black's Barry Sonnenfeld directed the pilot, which also starred Judge Reinhold and Kevin Pollak.
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Watch a clip from 1984's Beverly Hills Cop movie below: