Magnussen, who will be seen in the Disney film adaptation of Into the Woods, would replace Charlie Hunnam, who was slated to star as elusive billionaire Christian Grey; Hunnam recently withdrew from the film after being denied extensive script approval.
Magnussen has also been cast as a series regular in the HBO drama "The Money," about wealth and corruption among the super elite.
Actors in talks for the role of Grey also include Luke Bracey, Christian Cooke and François Arnaud, among others.
The new play, now on Broadway via Second Stage, stars Jessica Lange, Jim Parsons, and Celia Keenan-Bolger.
Jeremy Jordan and Eva Noblezada lead the cast of the book-to-stage adaptation.
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Steve Carell and Alison Pill star in the Lincoln Center Theater production.
She has two plays running on Broadway at the same time.
Lissa deGuzman, who understudies the role of Elphaba, also belted out "The Wizard and I" at the Broadway Celebrates Earth Day concert.
These shows rarely hit the school auditorium stage, but are ready to take center stage.
Mason Reeves, Jordan Dobson, Olivia Puckett, and more star in the '60s rock musical at the D.C.-area company.
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