Eddie Murphy is not retiring from movies.

The actor has quashed rumours he is quitting Hollywood to return to stand-up comedy.

His spokesperson said: "Eddie is not retiring. 'Beverly Hills Cop IV' is in development."

The 'Nutty Professor' star is desperate to rescue the 'Beverly Hills Cop' franchise after the "horrible" third instalment.

Speaking to MTV, Murphy said: "The third 'Beverly Hills Cop' was horrible! I didn't want to leave it like that. Let's get the franchise fixed again, clean up this old mess and do a good movie.”

Eddie (47) admits he is still proud of playing the wisecracking detective because of the widespread recognition it brought him.

He said: "When I go overseas they still call me Axel Foley — kids call me Axel Foley.

"I think that character, it resonated like no other movie, like nothing that I've done before."