Tyson went on to say that Foxx would play him in the film and that they would be using performance capture technology to allow Foxx to portray Tyson throughout the early stages of his career through present day, likening the process to what Brad Pitt did in Benjamin Buttons.
"I think that Martin Scorsese is going to be involved in it as well," Tyson said.
"I'm never going to watch the movie of course because...Or I'll probably watch it alone," he added, noting how challenging it would be to relive one's mistakes onscreen.
Variety is now reporting that Terence Winter is set to write the script for the film.
No stranger to biopics, Foxx played Ray Charles in Ray, for which he won a Best Actor Academy Award, and also portrayed Muhammad Ali’s corner man Dwight Brown in Ali.
Take a look at the video above in which Tyson talks about the project.
We will keep you updated as details emerge. Roth Cornet is an Entertainment Editor for IGN. You can follow her on Twitter at @RothCornet and IGN at Roth-IGN.