In steganography, selecting an optimal cover image—referred to as cover selection—is pivotal for effective message concealment. Traditional methods have typically employed exhaustive searches to identify images that conform to specific perceptual or complexity metrics. However, the relationship between these metrics and the actual message hiding efficacy of an image is unclear, often yielding less-than-ideal steganographic outcomes. Inspired by recent advancements in generative models, we introduce a novel cover selection framework, which involves optimizing within the latent space of pretrained generative models to identify the most suitable cover images, distinguishing itself from traditional exhaustive search methods. Our method shows significant advantages in message recovery and image quality. We also conduct an information-theoretic analysis of the generated cover images, revealing that message hiding predominantly occurs in low-variance pixels, reflecting the waterfilling algorithm's principles in parallel Gaussian channels.