The Northern Irish actor, who dated Keira Knightley for two years, is in negotiations to play Christian Grey in the highly anticipated movie – taking the place of Charlie Hunnam, who dropped out earlier this month.
As well as starring in US fairytale series Once Upon a Time, the handsome 31-year-old is an ex-Calvin Klein model who has also posed for Banana Republic.
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The 5' 11" hunk is known for starring opposite Gillian Anderson in the BBC2 series The Fall and appearing in Sofia Coppola's Marie Antoinette.
A representative for Universal Pictures said they cannot comment on or confirm the casting news, and author of the best-selling erotic trilogy E L James is yet to tweet, as she did to first announce that Charlie Hunnam and Dakota Johnson were to star as Christian Grey and Anastasia Steele.
Jamie will star alongside Dakota in the cinematic adaptation of the erotica novel, which will be directed by Sam Taylor-Johnson and is slated to begin shooting in the beginning of November.
Born in Northern Ireland, when Jamie isn’t acting or modelling he is performing in an Irish folk duo. He is said to have tested for the role on Friday.
Charlie, who was originally cast as Christian, stood down from the role soon after the announcement, which produced a wave of discontent from fans.
The British actor announced that his busy schedule meant he had to drop out.
"The filmmakers of Fifty Shades Of Grey and Charlie Hunnam have agreed to find another male lead given Hunnam's immersive TV schedule which is not allowing him time to adequately prepare for the role of Christian Grey," read a statement from Universal.
He has since said: "I have had some family stuff going on so I'm just trying to stay focused and stay positive and keep trying to do a good job at work and be with my family and stay positive."