The anthology series began in 2010, and has covered horror tropes and storylines ranging from haunted houses, mental asylums and carnivals.
Series regulars Sarah Paulson and Evan Peters are already signed up for this season, although it's not yet known what roles they will be playing.
The election-themed series is the second political project Murphy is eyeing up. The fourth season of American Crime Story, which won't air until possibly 2020, will be focused around the Monica Lewinsky affair that nearly ended Bill Clinton's presidency.
The new season of American Horror Story is one of three projects announced yesterday that will revolve around the US election.
Mark Boal, who won an Oscar for writing the screenplay for Zero Dark Thirty, is writing a movie about the hotly contested battle between Democrat Hillary Clinton and Republican Donald Trump, who eventually emerged victorious.
No director or stars are attached, but Megan Ellison, who has produced Oscar-nominated movies such as American Hustle and Her, is on board to produce.
A limited TV series is also being bounced around Hollywood according to Deadline, with two out of a possible 10 scripts written. The series will focus on the election from the perspective of the Trump campaign, beginning with Trump's appointment to reality series The Apprentice.
The series comes from political reporter turned screenwriter Scott Conroy, who is writing web series Embeds.
There are no release dates yet for any of these projects, although with things getting madder by the day, it is unknown how long fact can withstand reality.