The US rockers will headline the Saturday night of the event, which kicks off the festival season in the UK on June 10 next year.
The show is expected to be one of the first UK appearances by the 'All My Life' group after finishing recording their new album, which they are presently working on in Los Angeles, and has been described by the band as their "heaviest" yet.
Lead singer and guitarist Dave Grohl recently told how he can't wait to unveil their new tracks live.
He said: "Oh yeah! These things never seem real until The Lights go down and you step out to see the audience's faces for the first time.
"It's such an incredible feeling. But, I can already imagine the energy. We're gonna level the joint."
Although other acts at the Isle Of Wight festival have yet to be announced, rumoured to be joining Foo Fighters, recently reformed indie group Pulp and Kings of Leon onstage are Kasabian and Red Hot Chili Peppers.
The Isle of Wight Festival takes place at Seaclose Park, Newport, Isle of Wight, from June 10 to 12. Tickets will be available from November 19 from a number of outlets including www.isleofwightfestival.com.