Involve the student in the learning process. For instance, when you are teaching, assign them to be your helper. This will limit some of the acting out because a responsibility has been given. Also, try sitting the student in close proximity to you. This will allow you to see any behaviors that need an immediate response. Try to explain to the student the importance of remaining on task. You could also implement some type of behavior chart to eliminate the negative behavior with a positive reward that he chooses (computer, extra recess, homework pass, etc...).

I also have a student very much like this. He is very bright and sweet but he is constantly talking and disrupting the class. I have taken away recess, spoke with mom and dad, moved his seat, and much more. The first thing I found that works is giving him sticky notes. He constantly wants to share a story, something funny, or anything else that has nothing to do with what I am teaching. Allowing him to write those thoughts down and then put them on my desk has stopped some of the blurting out. If he is super good, I will let him share one with the class during bus duty. Another thing that has worked is letting him "be the teacher." For example, we are learning about the phases of matter. I let him read one of the books I was going to read to the class. Then, after he read it a few times and I helped him with some tricky words, I allowed him to read it to the class. He had something to work for and still got the attention he craved.

He may be putting on a show for you and his other classmates. Try removing him from a group seating set-up to a single seat. See if this adjustment helps. If it doesn't help perhaps he has bottled up energy to use, give him tasks or responsibilities like door holder. Even jumping jacks before class could relieve some of his energy.

While you have approached the problem in the form of punishments, I would consider rewarding him for his good behavior and "extinguishing" the negative behavior when he seeks constant attention. That is to essentially not respond to the behavior. This is tricky, however, as you'll need the rest of the class to cooperate.

He obviously just needs the attention so I would make sure he is included in group activities and I would assign he in charge of a task in class so he feels important.