Foley, who helmed many episodes of "House of Cards", had been the frontrunner to replace Sam Taylor-Wood as the director of the movie adaptations of author EL James' "Fifty Shades Darker" and "Fifty Shades Freed".
The female director backed out after a clash with James during the making of the first one, The Wrap reported.
Jamie Dornan and Dakota Johnson have already signed up to reprise their roles as Christian Grey and Anastasia Steele in the sequels.
"Fifty Shades Darker" is scheduled to hit theatres February 10, 2017 while "Fifty Shades Freed" is set to be released February 9, 2018.
The first film was also released in the month of February since Universal wanted to cash in on the Valentine's Day holiday.