The 32-year-old "Blue Valentine" star reportedly turned down the role of Christian Grey in the movie due to a lack of interest, while 'Tron: Legacy' actor Hedlund bowed out for he "couldn't connect with the character", said The Hollywood Reporter.
For the role of Anastasia Steele, Woodley is said to have been interested but ultimately declined due to promotional duties for her new movie "Divergent".
Many other celebrities were approached for the role which includes Alicia Vikander, Imogen Poots and Elizabeth Olsen among others.
The film directed by Sam Taylor-Johnson will release next year.
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