Foxy is leaving Capital after 18 years with the station and eight years in the drivetime slot.
The station's managing director Keith Pringle revealed that he has been in discussions with the DJ about his increasing TV commitments for a while.
"It was clear he couldn't keep up his daily show on Capital," he said.
Details of whether Foxy's contract had been cut short or was coming to an end were not forthcoming from the station.
Foxy said: "I have and always will be a radio man through and through but I've got a lot of ITV shows coming up and I've learned you just can't do it all."
Bacon first came into the spotlight with a high-profile sacking from his job as a Blue Peter presenter after it came to light that he had used cocaine.
He has since resurrected his career with youth TV presenting duties and radio slots including filling in for Christian O'Connell, the host of Capital's Xfm breakfast show.
"This is a great opportunity to do one of the main shows on a massive station. I can't wait to get stuck in and make the show my own and, of course, to be reunited with Johnny Vaughan, who was a bit of a mentor to me on 'The Big Breakfast'," Bacon said.
Foxy attracted controversy last year with on-air comments about gypsies, for which he was criticised by Ofcom.
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