"[They] have been friends since Melrose Place," a Wagner pal tells PEOPLE, referring to the '90s prime-time soap in which the pair played lovers who ended up marrying. "There's definitely no change in their relationship. They [just] went out with a bunch of her friends."
The old friends have more in common than they used to, though. Locklear, 45, is seeking a divorce from Bon Jovi guitarist Richie Sambora, with whom she has a 9-year-old daughter, Ava. Wagner, 47, is a single parent of two sons, Peter, 16, and Harrison, 12, having divorced his wife, Kristina, in 2006.
After her breakup with Sambora last February, Locklear seemed to have found romance with David Spade, yet a source says, "David saw her through some really sad times, but they were never more than friends."
Perhaps Wagner (who currently plays a sea captain on daytime's The Bold and the Beautiful) is following suit – at least when it comes to platonic PDA with Locklear.
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Those who know Heather say entwined fingers do not a relationship make. "She holds her friends' hands all the time," says a pal. "Men, women – it doesn't mean anything."
But if their relationship does heat up, Wagner's already got the green light from Locklear's friend, who ticks off a list of the singer-actor's sexy traits.
"He's super funny, charming, considerate and a little irreverent," she says. "I don't think anyone would be sad if [something more] happened."