The 55-year-old actress will reprise her role from the first movie as Lisa McDowell, the love interest and eventual wife of Eddie's character Prince Akeem.
Murphy is once again set to star as Prince Akeem, a prince from the fictional African nation of Zamunda, who travels to New York to try to escape an arranged marriage and find a wife.
The new film - which will see Arsenio Hall return as Akeem's best friend - will see the prince head back to the US to try to track down a son he never knew about, a street-savvy Queens native named Lavelle.
Following his dying father's wishes, Akeem will try to find the young man and groom him to be the next prince of Zamunda as he himself ascends the throne as king.
Craig Brewer will direct the project for Paramount, and Murphy will produce alongside Kevin Misher and Kenya Barris.
Murphy previously said in a statement: ''After many years of anticipation, I'm thrilled that 'Coming to America 2' is officially moving forward. We've assembled a great team that will be led by Craig Brewer, who just did an amazing job on 'Dolemite [Is My Name]', and I'm looking forward to bringing all these classic and beloved characters back to the big screen.''
Barris added: ''Craig's ability to create a distinct cinematic world with each of his films is not only impressive but also what made him exactly the voice and vision we needed to bring this story to life.
''From 'Hustle & Flow' to his work with Eddie on 'Dolemite Is My Name', he never fails to blow me away. He is a true auteur and we couldn't be more thrilled to have him on board.''
'Coming 2 America' is set for a December 18, 2020, release.
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