An expandable downhole anchoring tool positionable within a wellbore for use in cooperation with drilling equipment comprises a body including a plurality of angled channels formed into a wall thereof, and a plurality of moveable slips disposed in the same radial plane around the body, wherein the plurality of moveable slips are hydraulically translatable along the plurality of angled channels between a collapsed position and an expanded position. A method of setting an expandable anchor within a wellbore comprises running the anchor into the wellbore in a collapsed position, and expanding the anchor into gripping engagement with the wellbore, wherein the anchor is adapted to expand up to at least 1.5 times a collapsed diameter of the anchor.