It's amazing just how one color change can redeem your character. The best example of this is Jamie Foxx, who portrays Max Dillon, also known as Electro, in 2014's The Amazing Spider-Man 2 and 2021's Spider-Man: No Way Home. After being repeatedly made fun of for sporting an all-blue color scheme in the 2014 film, Jamie Foxx reprised his role in the MCU's No Way Home with a more comics-accurate costume.
Following the successful premiere of No Way Home, which saw it set new box office records, there are reports that Sony is looking into the possibility of developing a spin-off focused on Jamie Foxx's Electro.
How would a Jamie Foxx-led film work outside the MCU?
According to Murphy's Multiverse, Sony plans on taking No Way Home's success as a chance to work on a project with Foxx in the lead. The outlet does note that Sony hasn't greenlit the project yet, so fans probably shouldn't get their hopes too high up. However, if it does happen, it would make for quite an interesting scenario, especially given the current reports that Sony is also planning on releasing a third The Amazing Spider-Man film featuring Andrew Garfield as Peter Parker.
Sony has proven that it can make anti-hero movies work with Tom Hardy's blockbuster Venom films. However, tackling a spin-off based on a relative unknown in Electro is much more difficult. Although Electro has been part of several iterations of the Sinister Six, he's never really been billed as the top guy. But, if someone can pull it off, then maybe Jamie Foxx can.
With that said, creating a film centered on Electro would be an ambitious undertaking. In particular, Sony will have to find a way to work around how Electro lost his powers in No Way Home and how he'll regain them as he goes back to his universe.
Ultimately, this is all conjecture. Jamie Foxx might no longer want to be a part of the MCU anymore even if Sony wants to bring him back. If he does want to go back, there's no telling if all these talks and rumors are just because Sony is feeling good about how well No Way Home did at the box office. As such, it's best to take everything that you just read with a grain of salt.
Of course, Sony was working on a Sinister Six movie that's since been scrapped. The studio could revive the said project and cast Jamie Foxx's Electro into the lead role as he is easily one of Spider-Man's most powerful adversaries.
In the meantime, all fans can do for now is to wait for Sony to confirm anything. Audiences can keep themselves busy watching the trailer for Doctor Strange in the Multiverse of Madness or flocking theaters to see No Way Home, which, by the way, was shortlisted for several Oscar nominations.