Justin Timberlake and Ashley Olsen
Giulio Marcocchi/Sipa; Jon Kopaloff/FilmMagic
06/02/2011 at 07:15 PM EDT
The Internet has been buzzing with reports that newly single Justin Timberlake
has been cozying up to another recently uncoupled star, Ashley Olsen
Eyebrows were raised when the duo was spotted taking in an off-Broadway performance of Sleep No More
on Friday in Manhattan, but a rep for Timberlake, 30, says, "Justin is not romantically involved with anyone."
A source close to Timberlake, who split
from Jessica Biel
last winter, adds that he and Ashley, 24, "have mutual friends. They were hanging out as a group."
Although Timberlake may indeed be single, an Ashley source says she and the actor are more than just friends.
"I'm not sure if Ashley is serious with Justin or not – they aren't dating but they have hooked up recently," the source tells PEOPLE.
"Ashley is a relationship person, much more than [her sister, Mary-Kate], so we'll see."
Reporting by LESLEY MESSER AND MICHELLE TAN