"They tried a few times, especially during his huge year in 2011," a source told The Wrap. "The consensus was he's too serious for it, too artsy."
Despite speculation that Chris was not their first choice, People have insisted that they did not approach Ryan because 'this was not his year'.
"While I look forward to the day when Ryan Gosling is named Sexiest Man Alive, this was not his year," said the magazine's editorial director Jess Cagle. "Our 2014 honoree Chris Hemsworth was our first and only choice."
Chris, who takes over the title from Maroon 5 singer Adam Levine, revealed his excitement at receiving the title, joking that he was "most excited about the alive portion of that statement, and the sexy part is a bonus."
The father-of-three, who recently welcomed twins with partner Elsa Pataky, also pointed to his body and quipped that he would like to thank "my parents, I guess, for putting this together".
Other contenders for the title included Neil Patrick Harris, Idris Elba, Matthew McConaughey and Chris Pratt.
Ryan has garnered a large following since his starring role in The Notebook opposite Rachel McAdams, with fans repeatedly praising his handsome looks, as well as Internet memes of the actor going viral.
The Canadian actor and actress Eva Mendes welcomed their first child in September, a young girl called Esmeralda. The couple met on the set of 2011 film The Place Beyond the Pines in which they both starred.
It's been a hectic few weeks for the actor, who was granted a restraining order against a 'stalker' who reportedly sent him various emails and packages.