In an interview with Advocate Magazine, the 35-year-old actor who auditioned for the role - which eventually went to Sunshine and Push star Chris Evans - would have been a dream come true.
"It's something I would've loved to do, especially for my six-year-old son, who would've thought it was the coolest thing in the world. The child within me really loved the idea of it too."
"There are very few things I'd get that excited about, but as an actor you have to move on. At some point I'd love to do something action-oriented like that because I've been in martial arts since I was eight."
Phillippe also said that he doesn't have a lot of time before he will "get too old" for such a role.
Captain America: The First Avenger is set to be released on July 22, 2011 and will star Chris Evans, Sebastian Stan, Hugo Weaving and Hayley Atwell!