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"My first thought was, 'Y'all are messing with me," Tatum told the magazine after hearing the news.
Tatum most recently set female hearts fluttering in the movie hit "Magic Mike".
The 32-year-old actor, who is married to actress Jenna Dewan-Tatum, is training to play an Olympic athlete in his upcoming film, "Foxcatcher".
The couple, who have been married since 2009, are ready to start a family, according to People.
"The first number that pops into my head is three, but I just want one to be healthy and then we'll see where we go after that," he told the magazine.
Tatum joins a long list of Hollywood heartthrobs who also have also received the "sexiest man" title from the magazine including Brad Pitt, Johnny Depp, Ryan Reynolds, George Clooney and Matt Damon.