The Ray star is reportedly in talks to take the lead in the DreamWorks/Warner Brothers production, which will document King, Jr.'s life from his days as a preacher in Atlanta, Georgia to his rise as a civil rights leader and his 1968 assassination.
The as-yet-untitled film is not the only King, Jr. biopic in the works - director Paul Greengrass is also working on Memphis, about the final days of the activist's life, but Stone's is the only one to receive the backing of King, Jr.'s family. His children Dexter, Bernice and Martin Luther King Iii are all on board as producers, alongside DreamWorks Studios' Steven Spielberg.
Movie executives have also secured the rights to King, Jr.'s legendary 'I have a dream' speech for the film, reports TheWrap.com.
Foxx recently helped to mark the 50th anniversary of the civil rights address by heading to Washington, D.C. in August (13) to join African-American leaders and politicians at the National Mall for the celebrations.