According to Variety magazine, Jamie is said to have been given the role of Christian Grey after Charlie apparently quit due to "scheduling issues" with two other projects he is starring in, Sons of Anarchy and Crimson Peak.
However, it has also been speculated that 33-year-old Charlie was having doubts about playing the powerful businessman with a dark side, Mr Grey, and had been overwhelmed by the attention he was receiving from fans.
Northern Irish actor and model Jamie was supposedly cast in the film adaptation swiftly after Charlie's exit, following a successful screen test with Dakota Johnson, who will play the female lead Anastasia Steele.
Apparently American actor Billy Magnussen was also brought in for a screen test.
Jamie, who previously dated Keira Knightley, has modelled for the likes of Calvin Klein and Armani, so there's no doubt that his photo shoot ready looks and swoon-worthy physique would fit the bill.
He has previously played a serial killer in BBC Two's crime drama The Fall and stars as Sheriff Graham Humbert in ABC series Once Upon a Time too.
Fifty Shades Of Grey will be based on EL James' bestselling novels and is due to hit cinemas in August 2014.
Producers are hoping to finalise their cast as soon as they have found a supporting female actress to play Anastasia's roommate, Kate.
They have yet to confirm whether Jamie has replaced Charlie in the film.
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