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Thanks for the catch, @Malcolm R . I was in a hurry this morning and didn't realize how old this article was. https://ew.com/article/2008/05/30/beverly-hills-cop-4-works/ Here's a more recent one that explains the whole situation. It's great to see things finally came together...

According to an interview I saw with Murphy some time ago, he had been resisting reprising this role until Jerry Bruckheimer agreed to take on production responsibilities. Since that does not appear to have happened, I'm a little dubious about this project.