For a few years there were rumors that the film would show the adventures of Foley in London, but I'm guessing that the filmmakers realized that the character is from Detroit and that he solves crimes in Beverly Hills, so he would just be London Cop. And that is a whole other franchise.
Well, now Latino Review have seen a script by Michael Brandt and Derek Haas for the new film and according to them - it's not too good.
[SOME PLOT SPOILERS FOLLOW]
If this script is used, then film will begin with Foley's friend Billy Rosewood (Judge Reinhold) throwing himself off a building. However, Axel knows that this is something that Billy just would not do. Returning to Beverly Hills for the first time in years, Axel decides to track down Billy's killers who turn out to be corrupt cops.
While Latino Review states that the film comes across as very 1980's, they feel that the Axel Foley character is far removed from the fun loving cop that kicked ass 20 years ago. Apparently Foley has no funny lines (not unlike any other Eddie Murphy film in recent memory) and that the "comedy relief" comes from a limo driver. Not only that, but for an action comedy the film is very light on action. Aren't Murphy's comedies these days very light on comedy too? I see a pattern...
It doesn't sound too promising. The studio is apparently in love with the script, but Murphy isn't too happy. If it doesn't please Murphy then I can't imagine this being the draft to make it to the big screen. However, was he really happy with Meet Dave's script? Or Pluto Nash? Or...
Don't worry, I'm pretty sure that Beverly Hills Cop 4 will chug along in development hell for quite some time before it makes to a cinema near you.
Source: Latino Review