The two were spotted on Tuesday at the Los Angeles premiere of Love & Friendship, where Beckinsale shared a hug with Sheen's current girlfriend, Sarah Silverman.
Sheen, 47, looked on with a smile as the women embraced. Beckinsale, 42, then turned to her former partner and gave him a hug and a kiss at the Directors Guild of America event.
Silverman, 45, and Sheen began dating in 2014. Beckinsale, who stars in the Jane Austen adaptation as Lady Susan, gushed her ex's new love in an interview with E! Online at the event.
"I love her. I love her. I love her." Beckinsale said of Silverman. "I am so glad Michael found her so I don't have to spend the rest of my life looking for her!"
Beckinsale and Sheen are parents to 17-year-old Lily. The actress and Sheen began dating in 1995 and later split in 2003.
Beckinsale went on to marry Len Wiseman in 2004, but called it quits in 2015.
Love & Friendship hits theaters May 13.