The 31-year-old actor is in negotiations for the role of Christian Grey after having completed a screen test opposite the film's female lead, Dakota Johnson (Anastasia Steele), according to industry publication The Hollywood Reporter.
A former Calvin Klein model, Dornan previously starred as Sheriff Graham Humbert/The Huntsman on TV's fairy tale-themed adventure drama Once Upon a Time and is currently seen on the British series The Fall. He also appeared in the 2006 film Marie Antoinette.
Sons of Anarchy and Pacific Rim actor Charlie Hunnam had previously landed the role of billionaire Christian Grey in the anticipated movie adaptation of author E.L. James' bestselling, BDSM-inspired romance series.
However, he dropped out of the role earlier this month. Officially, he cited scheduling conflicts but his departure came amid rumoured differences with the creative team and discomfort with the frenzy around the adaptation.
Directed by Sam Taylor-Johnson, Fifty Shades of Grey is slated for theatrical release in August 2014.