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Leinart, 23, one of PEOPLE's 2006 Most Beautiful People, graduated from USC in December 2005 and lives in Los Angeles and Arizona.
Cameron, a 20-year-old USC junior, will sit out the upcoming basketball season.
"It's an exciting time in their life," says a source who knows both athletes. "They both have support from their families."
Leinart, a Heisman trophy winner and close pal of Nick Lachey, was linked romantically to Paris Hilton in the past.
He is currently raising money to start the Matt Leinart Foundation, a learning center for underprivileged and disabled children. "Kids are important to Matt," his rep tells PEOPLE. "He really wants to help kids who can't help themselves."
JOSH & FERGIE: ROCKED BY SCANDAL
Did he cheat with a stripper?
Married less than a year, the couple denies an Atlanta woman’s claims that she and Josh had a fling
Note that this week’s cover of PEOPLE may differ regionally
