Data dimensionality reduction in radio interferometry can provide savings of computational re- sources for image reconstruction through reduced memory footprints and lighter computations per iteration, which is important for the scalability of imaging methods to the big data setting of the next-generation telescopes. This article sheds new light on dimensionality reduction from the perspective of the compressed sensing theory and studies its interplay with imaging algorithms designed in the context of convex optimization. We propose a post-gridding linear data embedding to the space spanned by the left singular vectors of the measurement operator, providing a dimensionality reduction below image size. This embedding preserves the null space of the measurement operator and hence its sampling properties are also preserved in light of the compressed sensing theory. We show that this can be approximated by first computing the dirty image and then applying a weighted subsampled discrete Fourier transform to obtain the final reduced data vector. This Fourier dimensionality reduction model ensures a fast im- plementation of the full measurement operator, essential for any iterative image reconstruction method. The proposed reduction also preserves the independent and identically distributed Gaussian properties of the original measurement noise. For convex optimization-based imag- ing algorithms, this is key to justify the use of the standard l2-norm as the data fidelity term. Our simulations confirm that this dimensionality reduction approach can be leveraged by convex optimization algorithms with no loss in imaging quality relative to reconstructing the image from the complete visibility data set. Reconstruction results in simulation settings with no direction dependent effects or calibration errors show promising performance of the proposed dimensionality reduction. Further tests on real data are planned as an extension of the current work. MATLAB code implementing the proposed reduction method is available on GitHub.