We suggest a new class of hyperbolic metamaterials for THz frequencies based on multilayer graphene structures. We calculate the dielectric permittivity tensor of the effective nonlocal medium with a periodic stack of graphene layers and demonstrate that tuning from elliptic to hyperbolic dispersion can be achieved with an external gate voltage. We reveal that such graphene structures can demonstrate a giant Purcell effect that can be used for boosting the THz emission in semiconductor devices. Tunability of these structures can be enhanced further with an external magnetic field which leads to the unconventional hybridization of the TE and TM polarized waves.
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