The 32-year-old actor and dancer said his first thought on hearing the news was, "Y'all are messing with me." He takes the title from 2011's winner Bradley Cooper.
Tatum starred as a male stripper in this year's Magic Mike, which was loosely based on his younger years working as a dancer in Florida.
He is married to actress Jenna Dewan, his co-star in 2006's Step Up.
People Magazine announced its 2012 list on Wednesday.