The Mask star took a step back from Hollywood a few years ago and has since said that the move brought her “peace” after years of scrutiny in the public eye.
But Diaz – who welcomed her daughter Raddix in 2019 – has now confirmed that she is returning for new Netflix film Back In Action.
The film will see Diaz reunited with Foxx, who she shared the screen with in her last movie, 2014’s Annie.
Foxx revealed the news by sharing a clip on Instagram of a phone conversation with Diaz, in which she said she was “anxious” and “pacing the room”.
“I feel excited, but I don’t know how to do this, you know?” she said.
Foxx then put her on the phone with NFL star Tom Brady, who asked if she needed tips on “how to un-retire” — a nod to the fact that he decided to quit then “un-retired” a few weeks later.
Captioning the clip, Foxx wrote: “Cameron I hope you aren’t mad I recorded this, but no turning back now.
"Had to call in the GOAT to bring back another GOAT.
"@camerondiaz and I are BACK IN ACTION - our new movie with @netflixfilm. Production starting later this year!!”
Diaz, 49, shared the audio clip herself, posting: “@iamjamiefoxx only you could get me back in action.
"I can't frickin wait it's gonna be a blast!"
Last year Diaz said she was “not looking to” get back into movies as she couldn’t imagine being away from her daughter.
The actor said being a mum to Raddix – her daughter with husband Benji Madden - was the “most fulfilling part” of her life.
Speaking on the Quarantined With Bruce radio show, she said: “I’m never going to say never about anything in life, I’m just not that person. So will I ever make a movie again? I'm not looking to, but will I? I don't know. I have no idea. Maybe. Never say never.
“But I couldn't imagine being a mum now where I'm at as a mother with my child at her first year to have to be on a movie set that takes 14 hours, 16 hours of my day away from my child.
“I just couldn't... I personally feel like that I wouldn't have been the mum that I am now had I chosen to do that at any other time in my life.”
Read More: Cameron Diaz reveals secrets to looking fabulous at 49