UPDATE: Syfy recently got Phillippe to comment on the casting rumor during a Macgruber Q&A at SXSW: …we got up and asked Phillippe if
he was game for the franchise and crossover movies that would come with
Captain America. Phillippe hinted that he’s been far enough along in talks that even his kids are getting excited.  “Yeah, I would,” Phillippe said on March. 16 in Austin, Texas. “My son would looo it. He’s 6 years old.”  It’s not just for the kids, though. Phillippe indicated he’s gunning
for the part himself. “I’m really into it,” he said. “We’ll see what
happens, but yeah, it’d be fun.” 
Word has also emerged recently that Channing Tatum is also up for the role.

The First Avenger: Captain America search is proceeding apace (i.e. grinding along) as everybody and their grandmother are still testing for the role.  The latest scuttlebutt, courtesy of Hitfix?  Ryan Phillippe is in the running: Sources have confirmed to HitFix that Ryan Phillippe is the
latest Hollywood leading man to be considered for the pivotal role in
the Marvel Studios movie universe. 
Now considering that 10 years ago, Wolverine shot up a full foot in height when Hugh Jackman was cast, anything is possible.

But by sheer dimensions alone, I just can’t see the 5’9″ Phillippe filling Cap’s 6’2″-ish frame.  If anything else, Cap is supposed to be a commanding presence; someone who is at the peak of human ability and a natural leader of men.  I just don’t get that from Phillippe.  Everybody’s got their dream casting.  Mine would be either Jensen Ackles or, by look alone, Ryan McPartlin of Chuck

In the meantime, Phillippe will next be seen in MacGruber opposite Will Forte and Val Kilmer.  And hopefully the search for Cap will proceed for just a bit longer.

Thanks to Brian for the tip.

Hold out just a little longer for your pic on the message boards.