Cosby, 77, thanked Murphy for refusing to poke fun at him, reported Ace Showbiz.
"I am very appreciative of Eddie and I applaud his actions,"Cosby said through his spokesperson.
Former cast member Norm Macdonald was the one who revealed that Murphy was about to be included in a 'Celebrity Jeopardy' skit where he was supposed to play Cosby in a Daily Double video about 'Favourite Cocktails'.
Macdonald said he and co-writers Steve Higgins and Lori Jo Hoekstra tried hard to convince Murphy to play the comedian, but in the end Murphy decided not to do it.
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