While the report from THR states Tom Hanks was never approached for the part, they do state Hanks' name was discussed internally.
I was told the Tom Hanks information by my Bryan Cranston as Lex Luthor source who also first told us about the Justice League appearing at the end of Batman Vs. Superman.
Regarding Bryan Cranston, while I was told he ended up changing his mind, THR goes so far as to state sources have told them he wasn't even approached.
I don't think that's the case at all, and I'm guessing that due to the fans' online response to the Jesse Eisenberg casting that THR and WB are trying to downplay Cranston, as the actor was a heavy favorite to play the role amonst the fans.
I was also told by another source close to Warner Bros. that due to Cranston's play schedule that he wouldn't be able to do the part. Well, now we know that isn't true as Jennifer Garner said Ben Affleck is shooting Batman Vs. Superman during the Summer. Bryan Cranston's play ends in June.
As a matter of fact, I've been told that Zack Snyder was going to feature a young Lex Luthor in backflash scenes.
Now I don't know if that is still the case and Zack Snyder is going with a "Mandarin" (i.e. Iron Man 3), but it's possible Goyer's initial Man of Steel sequel script featured an older Lex Luthor. With the new writer being brought on board as well as Ben Affleck as Batman, it could be that things changed with the inclusion of a young Lex and the Justice League characters.
My Cranston source also filled me in that Mercy Graves is going to be in the movie, who in the comics is an Amazon, which I noted back in August suggested the inclusion of Wonder Woman.
"Batman Vs Superman" has a newly announced May 6, 2016 release starring Ben Affleck, Henry Cavill, Gal Gadot, Amy Adams, Laurence Fishburne and Diane Lane.
For more news on the "Man of Steel" and related movies head on over to the Cosmic Book News Superman movie hub.