"It's new. They just started to hang out," a source tells PEOPLE of the romance whispers surrounding the rumored couple. "It's casual, but they like each other."
The news of the pairing comes after each has come out of splits. After Jonas, 23, and former Miss Universe Olivia Culpo broke up last summer, he was linked to Kate Hudson after the two stepped out at Disney World in September, then were spotted at a California ski resort just last month.
Though Jonas and Hudson never confirmed the status of their relationship, the singer told Complex: "Kate's incredible. We had an unbelievable connection as two humans who just admire things about each other, and see something in each other that's beautiful."
Meanwhile, Mirror Mirror actress Collins, 26, was last linked to on-off boyfriend and English actor Jamie Campbell Bower.
Reps for Jonas and Collins have not commented.
Reporting by JULIE JORDAN