Eddie Murphy and The Shield creator Shawn Ryan will executive produce the project from Sony TV.
The show will serve as a sequel to the three movies starring Murphy as Detroit detective Axel Foley in Los Angeles.
It will focus on Foley's police officer son Aaron, while Murphy will reprise his role as Axel in the pilot.
Murphy may also return in a recurring role if the pilot gets picked up for a full series by CBS.
Ryan will write the pilot's script and executive produce, along with Murphy and Marney Hochman.
Eddie Murphy had previously attempted to star in a fourth movie, until the project was cancelled.
The new TV series was reportedly pitched to all four major networks last week, and is said to fit in well with CBS's list of cop shows such as CSI, NCIS and Elementary.
The original movies have made over $700 million (£442 million) to date, while the iconic theme tune 'Axel F' became a hit in the US and across Europe for Harold Faltermeyer.
Watch a trailer for Beverly Hills Cop below: