"Access Hollywood" said Tuesday Holmes, 34, and Foxx, 45, were first romantically linked after they were seen dancing and flirting at a charity event in the Hamptons in late August.
But Foxx told "Entertainment Tonight" the rumor is "100 percent not true."
"In fact, it's quite hilarious because we simply danced at a charity event along with a lot of other people," Foxx told "ET."
Holmes ended her five-year marriage to Cruise in 2012. They have a 6-year-old daughter named Suri.
Foxx has never been married and is notorious for keeping his personal life private.