Foley, who owns Premier League club Bournemouth, was named as the preferred bidder for the license by the Australian Professional Leagues today.
The Auckland team, which is yet to be given a moniker, is slated to enter sides into the A-League Men and A-League Women from the start of the 2024-25 season.
"Our goal will be to build a winning organisation while simultaneously serving the community and growing the sport - and passion for the sport - at all levels," Foley said in a statement.
"We are extremely excited to reach this stage in the process and look forward to the next steps."
As well as owning Bournemouth, the 79-year-old Foley has stakes in French Ligue 1 club Lorient and the NHL's Vegas Golden Knights.
The American-born businessman's wealth is $2.4 billion according to Forbes magazine.
The introduction of an Auckland club is set to be supplemented by the addition of an A-League Men team in Canberra.
"Auckland has been the largest city in Australia and New Zealand without a professional football team, despite football being the most popular team participation sport nationally in New Zealand," said A-Leagues commissioner Nick Garcia.
"We look forward to building on the success of the FIFA Women's World Cup, providing football fans in Auckland with their new home team."
