This paper proposes a multi-hypothesis based Wyner-Ziv (WZ) decoder for the multi-view distributed video coding (MDVC). Two hypotheses, the intra-view SI and the interview SI, are fed together into the WZ decoder in the proposed scheme. A multi-hypothesis based correlation model (MHBCM) is presented to fully exploit the redundancy between these two SI frames and the original frame. The MHBCM is also applied on the optimal minimum mean-square error reconstruction of the quantized samples. The simulation results show that the proposed algorithms are able to significantly improve the coding efficiency of the MDVC system.