The former Baywatch star has been battling it out with the two hunks to take over the role that made Arnold Schwarzenegger famous in 1982.
Lutz revealed earlier this month (Jan10) he had his heart set on playing Conan, telling Eonline.com, "It's something that I've been actively going after. I'm just excited, because the script is great."
But Lutz won't be tackling the heavyweight role - Stargate: Atlantis actor Jason Momoa has bagged the part, according to Empire Online.
Reports suggest Mickey Rourke is in the frame to play Conan's father, Corin.