The story, published Wednesday, claimed Holmes and Foxx were planning a wedding and called it off.
The pair were first spotted together in 2013, although the actors have never confirmed their relationship.
After first being seen dancing with one another in the Hamptons in 2013 — one year after the actress split from Tom Cruise following six years of marriage — Foxx, 50, and Holmes, 39, made sure to stay out of the spotlight.
When a photographer captured a rare photo of the pair together, walking hand-in-hand on a Malibu beach in September, they became more cautious — but started stepping out together more.
The duo sat next to each other at Clive Davis’s Pre-Grammy Awards Gala in January, played basketball together on Valentine’s Day and were seen leaving Nobu restaurant in New York City on April 22, followed by Carbone on May 1.
Holmes also made an appearance at his 50th birthday party in Los Angeles in mid-December. Foxx and Holmes were seen arriving together at Paramount Pictures for his bash.