The 'Michael Forever' event will take place at Cardiff's Millennium Stadium in Wales on October 8, and will feature performances from the likes of Leona Lewis, Christina Aguilera and JLS.
Foxx's spokesman has now confirmed that the Ray actor will host the concert, reports The AP.
Beyoncé is scheduled to perform a Jackson Five song via satellite during the event.
Fans have called for the concert to be cancelled, due to it coinciding with Dr Conrad Murray's manslaughter trial, a feeling shared by Michael's brothers Jermaine and Randy.
Foxx praised Michael's kids Prince Michael and Paris following their tribute to the late singer at last year's Grammy Awards.
Watch Jamie Foxx talk about Michael Jackson below (adult content):