updated 08/18/2011 AT 7:00 AM ET
•originally published 08/18/2011 AT 8:15 AM ET
The latter actor, 41, will play a former exotic dancer who owns the club where Tatum’s title character works in Steven Soderbergh’s indie drama Magic Mike, Variety reports.
The movie, which also stars the British actor Alex Pettyfer, 21, is loosely based on Tatum’s own experiences working as a teen stripper in Tampa.
“Look, I’m not proud of it,” Tatum, 31, said last year of having once been a stripper. “But I’m not ashamed of it.”