Murphy helped develop the proposed series with director Shawn Ryan, and executives at America's CBS were initially keen to shoot a pilot.
However, the network pulled the plug on the project earlier this year (13), and Ryan has told fans he struggled to sell the concept to rival channels.
Taking to Twitter to announce the news, he writes, "Sad to report that efforts to land Beverly Hills Cop pilot at another network have failed. This iteration is dead for now."
However, fans of the hugely successful movie series, which ran from 1984 to 1994, will reportedly get the chance to see a fourth film on the big screen.
Ryan adds, "Good news for fans of franchise is that the pilot tested so well, it has caused Paramount to put another Bhc movie into development."
In the Tv series, Murphy was set to reprise his role as Axel Foley to advise the character's son Aaron, the new Beverly Hills Cop.