We're finally, officially getting Beverly Hills Cop 4. This past week has been all about the launch of Disney+. But you're not going to want to abandoned your Netflix subscription just yet. Netflix has scored the rights to make the long anticipated Beverly Hills Cop sequel, once again teaming with Eddie Murphy, who will return as iconic Detroit detective Axel Foley.

The announcement comes after Eddie Murphy just had a career defining turn in the comedic biopic Dolemite is My Name for the streaming service. This move deepens the relationship between Eddie Murphy, who had somewhat fallen out of the public eye the past few years after a string of flops, and Netflix, who is facing more competition now in the streaming field than ever before, with Disney+ launching this past Tuesday and more on the way, such as Apple TV+ and HBO Max.

RELATED: Eddie Murphy Won't Do Beverly Hills Cop 4 Until the Script Is Right

Dolemite is My Name is currently streaming on Netflix, after a successful limited theatrical run. And many believe Eddie Murphy will nab an Oscar nomination for his portrayal of maverick comedian and filmmaker Rudy Ray Moore. Eddie Murphy has hinted that he may retire from acting and do stand-up full-time.

In early October, Eddie Murphy confirmed Beverly Hills Cop 4 was his next movie. In Beverly Hills Cop 4, Eddie Murphy will reprise the legendary role of a street smart Detroit cop who once found himself investigating a murder in Beverly Hills, way back in 1984. He returned to Los Angeles yet again in 1987's Beverly Hills Cop II, with both movies proving to be a monster hit for Paramount Pictures. 1994's Beverly Hills Cop III was a major misfire, and proved to be a commercial and critical failure, and it's been a struggle to get Beverly Hills Cop 4 up and running ever since.

Paramount Pictures released the first three Beverly Hills Cop movies. Now Netflix is licensing the rights to the franchise and characters, which could also see the return of Judge Reinhold as Billy Rosewood. No plot details are confirmed at this time

CEO of Paramount's parent company Viacom, Bob Bakish confirmed the Beverly Hills Cop 4 news during an analysts call on Thursday. Eddie Murphy is still shooting another sequel to a bygone hit with Coming 2 America, which will be released theatrically by Paramount Pictures in 2020.

Paramount had been trying for years to resurrect the Beverly Hills Cop franchise but could never quite get there. A TV show was considered at one point, which would have focused on Axel Foley's son, with Eddie Murphy making the occasional appearance. Brandon T. Jackson played Aaron Foley opposite Murphy in a pilot that was shot, but soon shelved with CBS passing on the endeavor. The Beverly Hills Cop TV show pilot has never been screened for the public.

Jerry Bruckheimer, who is behind the original trilogy, will be back to produce this new Axel Foley outing, as has always been the plan. The move to Netflix seems to make since, as theatrical reboots of bygone classics have all bombed big time at the box office lately. This year, we've had Terminator: Dark Fate, Men in Black: International, Doctor Sleep and Shaft all fail quite spectacularly.

Having Axel Foley return on Netflix is perhaps the best news that could happen for the franchise. And it seems to point that this will be done right. It has been rumored that Eddie Murphy also signed a multimillion dollar deal for a number of Netflix stand-up specials that will begin launching sometime in 2020, but that has never been formally announced. This latest news comes from Variety.