The 35-year-old actor hailing from Texas – best known for his roles in White Collar and Magic Mike – is now the 6/1 favourite to step in for Charlie Hunnam.
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Irish actor Cillian Murphy, currently starring as the lead in BBC gangster series Peaky Blinders and known for his piercing blue eyes, comes in at second place at 7/1 in Ladbrokes' bets.
Vampire Diaries star Ian Somerhalder is also in with a chance at playing the lead, with odds of 8/1, while True Blood actor Alexander Skarsgard stands at 10/1.
Meanwhile, Coral has Drive star Ryan Gosling down as the hot favourite to take Charlie's chair, at 3/1.
The new shortlist of eligible actors comes after the revelation that the British actor's busy schedule "does not allow him time to adequately prepare for the role of Christian Grey", according to a statement from Universal.
The move follows a wave of discontent from fans upon the British actor winning the role. Producer Dana Brunetti tweeted at the time: "There is a lot that goes into casting that isn't just looks.
"Talent, availability, their desire to do it, chemistry with other actor, etc."
The chosen gentleman will star alongside Dakota Johnson in the film which will be directed by Sam Taylor-Johnson.