Amell confirmed via Facebook that he is being considered for the movie.
"I get questions about Christian Grey all the time. That project is a long way off. I know this, because I had a meeting about it," the 31-year-old actor said in a posted video. "A long way off. I mean, not that long, but not close. I wouldn't call it long, but I wouldn't call it close."
There has been much speculation since last year about who would be cast in the film portrayal of the acclaimed novel by E.L. James.
Last September, there were rumors that “Harry Potter” actress Emma Watson would play Anastasia Steele.
STV.TV reported that Watson was "flattered" about fans supporting her for the role of Anastasia Steele, and she would "certainly want" to be considered for the role.
"I haven't fully read the book just yet, so I don't know what I'd be signing myself up for. So I would have to get sent a script, I guess. But it always flattering that people are thinking about you for certain casting roles. You are in the mix for things like '50 Shades,' so it's great," Watson told STV.TV.
Yet, she later ruled out the possibility, writing on Twitter last week, “Who here actually thinks I would do 50 Shades of Grey as a movie? Like really. For real. In real life [sic].”
Aside from Stephen Amell, actors Jake Gyllenhaal and Ian Somerhalder were also rumored to be cast as Grey in the film.