The Blind Side star is slated to play mean orphanage boss Miss Hannigan in the new film version of the show, which will feature 2013 Academy Awards nominee Quvenzhane Wallis in the title role.
Sources tell The Hollywood Reporter that Bullock's deal is far from done, adding she was offered the role in March (13) but turned it down.
Carol Burnett played Miss Hannigan in the beloved 1982 movie version of Annie. Glee star Jane Lynch is currently playing the character on Broadway.
Foxx has already been cast as billionaire Benjamin Stacks, a modern incarnation of the Daddy Warbucks character, in the movie, which is being produced by Will Smith and Jay Z.
Smith's daughter Willow was originally picked to play Annie but she bowed out of the project earlier this year (13).