Here's their summary of the Flash Gordon movie:
The role calls for Flash as a handsome polo player and Yale graduate, who travels to the planet Mongo, where it's discovered that the meteors are weapons devised by Ming the Merciless, evil ruler of Mongo.
First off, Worthington cannot do an American accent. Second Reynolds is already trying to convince the American public that he is, in fact, two separate comic book characters over a stretch of the next few years, Deadpool and Green Lantern. It would be absolute insanity to take on another iconic character, even if he wanted to do it.
So yeah... it's probably another fake rumor.