The talent series ran for 21 years before being axed in 2008. However, while attending a fundraiser in the Hamptons, Foxx announced that he will partner with the network BET to bring the show back to television, the New York Post reports.
"The Apollo did it long before American Idol, except the audience were the judges," Foxx said.
On Showtime at the Apollo, performers take the stage before an audience at the Apollo Theater in New York City, where they demonstrate a particular talent.
Foxx himself took the stage as a comedian when he was younger, only to be booed off by the audience.
Notable performers at the Apollo include Adam Sandler, Jason Derulo, Paula Abdul, Sean Paul and the late Notorious B.I.G.
In July, Foxx was tapped for the lead role in director Quentin Tarantino's next project, the western Django Unchained.
Earlier this year, Foxx performed on American Idol with Black Eyed Peas singer will.i.am.
Foxx will act as an executive producer on the series.