Speaking to TalkSport, the American billionaire revealed that work is underway to speak to Iraola about a contract extension, with his current deal set to expire at the end of next season.
“\[Sporting director\] Tiago Pinto is talking to his agent and has been talking to Andoni and we are raising the topic,” Foley said.
“I hope that when I'm over in late April or Easter that I will have a chance to sit down with him and just talk to him about what his goals are and his aspirations.
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“I know that our aspirations will equal his. He wants to do well, wants to build winning teams and we're here to support him.
“In terms of the UK, Bournemouth is about as good as it gets in terms of a location. It's a really great town, the people are wonderful so all that is yet to be revealed.
“He's an excellent coach, a humble man but he is serious and he really is a great coach of our team, and he leads their team, so we're definitely engaged in all these matters.
_(Image: Richard Crease)_ “The transfer window won't be until July but we have a number of targets that we're interested in to help support our own team.
“In fact, we have a half day meeting next week via Zoom to go through our team and see who we need to bring in how we need to supplement what we already have.
“We are doing really pretty well. We're not one of these teams that's under the gun for financial fair play. We're in pretty good shape and we don't have debt.
“We're kind of self-funding ourselves so I am optimistic. We just have we have work to do.”
Iraola has drawn a lot of admiration for his work in Dorset, with the Cherries having a fantastic season to date.
This has also created speculation about the future of a number of first team players.
Asked about work to keep hold of those players who have been linked to other sides, Foley said: “We have a lot of our players under long-term contracts and most do not have a release clause.
“We never stand in the way of a player in the event they have an opportunity they feel is a better opportunity, but we're trying to make sure we have a team and an environment that attracts good young players.
“We are opening our new training facility in April and the players are moving in before the end of the month, and the academy will move over probably in late April or early May.
“That's a big first step, and this is a serious facility. Our players have already seen it, they've already toured it, with an indoor pitch and we will have four outdoor pitches.
“They'll be under the lights so it's a really state-of-the-art facility.”
Foley added: “My job is to really make sure we have an environment that attracts good players and is a situation where those players want to stay and don't want to move on.
“We can compete salary wise with just about anybody and we need to have the right facilities and the same is true for Andoni because he's being a priority for us.”
_(Image: Bradley Collyer/PA Wire)_ On the current progress of the team, and the potential of European qualification, in particular the Champions League, Foley said: I know I can reach it, maybe not this year, but I know we will be there. I know we'll be in the top five at sometime in the future.
“I kind of had next year pencilled in as opposed to this year but we're doing well and we just have to win games now, don't we?
“If we win games, everyone be happy and it will wonderful for Bournemouth and the fans to have to play in Europe.
“We have never done it before and I just think it would be such an achievement and an accomplishment.”