The pair have been spending a lot of time together for over a year, reported Ace Showbiz.
"This is not some intense romance. Jamie and Katie are friends and have been for a long time. They are two adults who are attractive and single, and so apparently conclusions will be drawn. But contrary to those conclusions, they're not about to run off and make some serious commitment," a source said.
The 36-year-old former wife of Tom Cruise has allegedly been often spotted visiting Foxx at his nearby home.
Neither Homes nor Foxx's representatives have commented on the report yet.