The project also has a producer, Kevin Misher ("Carrie," "The Rundown") attached.
We assume Murphy is still interested in reprising his role of Prince Akeem, but nothing official has been announced. And any sequel would have to bring back Arsenio Hall, Akeem's BFF Semmi. Like Murphy, Hall also played multiple roles in the original.
Those movie was Oscar-nominated for best makeup by Rick Baker, who helped transform Murphy into several characters, including an old Jewish man. And that iconic outfit worn by Princess Imani (Vanessa Bell Calloway) helped the film land a Best Costume Oscar nod for Deborah Nadoolman Landis (who is married to the original's director, John Landis.)