DreamWorks and Warner Bros. are also in negotiations with director Oliver Stone, who has a number of historical dramas under his belt, including "JFK," "Nixon" and "Born on the Fourth of July."
DreamWorks acquired the rights to King's life story and his "I Have a Dream" speech back in 2009, which means the studio has the support of the King family, unlike the Scott Rudin-Paul Greengrass film "Memphis."
"The King family refused to cooperate with that project given its warts-and-all depiction of the civil rights leader," The Wrap reported.
The Hollywood Reporter said Sunday that both Foxx and Stone have been in meetings about the film, though neither has received offers. There are some worries that Stone's famously left-leaning view of history could hurt the film.
Stone and Foxx previously worked together on the 1999 film, "Any Given Sunday."