The Buried actor scooped the title on the magazine's 25th anniversary over competition including Mad Men star Jon Hamm, Twilight's Kellan Lutz and Drake.
Other men who made the list include Jon Bon Jovi, Glee's Matthew Morrison, True Blood actor Joe Manganiello and Robert Downey Jr. The full list will be available in this week's People on sale Friday.
The magazine had enlisted the help of various celebrities including Kim Kardashian, Kendra Wilkinson and Brooke Burke to tease readers about the identity of this year's recipent with a series of clues tweeted in the run-up to the unveiling.
Kardashian will host a special celebrating the 'Sexiest Man Alive' title and the magazine's 25th anniversary tonight. 25 Years of Sexy: People Magazine's Sexiest Man Alive! airs at 10pm on ABC.