A source exclusively tells PEOPLE that the 38-year-old actress has been dating "a wealthy, successful businessman from Mexico."
The budding romance has left the former Desperate Housewives star feeling quite blissful these days.
"She's very happy, and he's crazy about her," the source adds.
Longoria, who split from entrepreneur and onetime Ready for Love bachelor Ernesto Arguello in August, is not ready to reveal the identity of her new boyfriend, the insider says.
Just last week, reports surfaced that Longoria had rekindled her relationship with erstwhile flame Cruz after the two supposedly had a cozy lunch together in New York City, according to eyewitnesses.
Call it a case of mistaken identity: The source close to Longoria says that the actress "was not dining with Eduardo in New York" but was actually having a lunch date with her new man.
Both Longoria and Cruz later took to Twitter to deny the alleged Manhattan rendezvous.
"Sorry this is just not true," wrote Longoria, who included a link to a news story about her supposed lunch hookup with Cruz.
For his part, Cruz Tweeted, "Mmmmm ... Nope ... In San Francisco with my Girl Friend," and attached a photo of a car cruising down a mountainside road.