The Hollywood Reporter confirmed the 44-year-old actress will return to Broadway in a new production of the musical.
Foster will play Marian Paroo opposite Jackman as Harold Hill. She issued a playful statement about her casting.
"There were bells on a hill but I never heard them ringing. No, I never heard them at all. Till there was Hugh," the star said.
The Music Man confirmed Foster's casting in an Instagram post Monday. The post shows a library book check-out card featuring Jackman and Foster's names, along with stars from previous productions.
"#TheMusicManBroadway," the caption reads.
The Music Man hails from Meredith Willson and made its Broadway debut in 1957 with Robert Preston and Barbara Cook. The musical was adapted as a 2003 television movie starring Matthew Broderick and Kristin Chenoweth.
Foster last appeared on Broadway in Violet in 2014. She has also appeared in productions of Thoroughly Modern Millie, Shrek The Musical and Anything Goes, and plays Liza Miller on the TV series Younger.