Foye was a consensus All-American and the Big East's player of the year as a senior in 2005-06.
"I'm honored to be joining the elite company of Villanova Basketball players with their jersey retired," Foye said in a statement. "My four years on campus were extremely memorable and I appreciate everyone in the Nova Nation for their support. I'd like to thank Coach (Jay) Wright, my teammates and the entire staff who were instrumental in creating successful seasons during my career. Villanova Basketball is built on a tradition of hard work, togetherness and pride, and I've carried this positive attitude with me throughout my NBA career."
Foye was part of Villanova head coach Jay Wright's first full recruiting class.