The character is one of the oldest antagonists in Spider-Man's extensive rogues gallery, making his first appearance in The Amazing Spider-Man #9 in 1964.
Variety reports that Foxx is in early talks to play the villain in the sequel to this year's The Amazing Spider-Man, which broke box office records upon its release in July.
Foxx seemed to fuel the speculation by later tweeting: "Dressed up as Electro for Halloween last night. Costume fits well."
In the post-credits sequence of The Amazing Spider-Man, the Lizard is approached by a mysterious figure who asks if Peter Parker knows the truth about his father.
The prominent use of lightning in the scene had led many fans to speculate that Electro would be the villain for the sequel.
Andrew Garfield and Emma Stone are set to return as Peter Parker and Gwen Stacy, with Shailene Woodley in talks to star as Mary Jane Watson. Marc Webb is also locked in to direct.
Jamie Foxx will next be seen in Quentin Tarantino's homage to spaghetti westerns Django Unchained, set for release on December 25 in the US, and January 18 in the UK.
Watch the trailer for The Amazing Spider-Man below: