If the talks go through, the Oscar-winner will take on the role of Electro, a villain who controls electricity and was introduced to the Marvel Comics universe in The Amazing Spider-Man #9 back in 1964.
Foxx gave a hint about being approached for the role by tweeting, "Dressed up as Electro for Halloween last night. Costume fits well."
The character, real name is Max Dillon, has not previously been portrayed on film, the Hollywood Reporter said.
The new follow-up is slated for a May 2, 2014 release and reunites director Marc Webb with stars Andrew Garfield and Emma Stone. Newcomer Shailene Woodley plays Mary Jane Watson.
The screenplay is by Alex Kurtzman and Roberto Orci and Jeff Pinkner based on a previous draft by James Vanderbilt.
Foxx is playing the lead character of Django in Quentin Tarantino's upcoming film about a free slave turned bounty hunter. The other big names in the picture are Christoph Waltz and Leonardo DiCaprio.