The actor/singer/comedian has partnered with U.S. TV network BET to revamp the show, which originally aired for 21 years before it was axed in 2008.
Foxx was among the stars who made triumphant early appearances at the Apollo Theater in Harlem, New York, where the show was filmed.
Mariah Carey, the late Notorious B.I.G., Ashanti, Chris Rock, Mary J. Blige, R. Kelly, and LL Cool J also appeared on the show.
The singer/actor took to the stage at the famous venue for a charity fundraiser at the weekend (20-21Aug11) to make the announcement, and told fans, "The Apollo did it long before American Idol, except the audience were the judges."
Foxx will serve as an executive producer on the project.