The magazine is reporting that the duo have been seen getting cozy together around New York City lately.

It was recently reported that Timberlake was dating Olivia Wilde but that turned out to be incorrect. Both Timberlake and Olsen are newly single.  He and his girlfriend of three years, Jessica Biel, recently split up.

The two have been spotted at the Greenwich Hotel, a “Saturday Night Live” after party, two Broadway shows and a polo match outside the city.

“They are hooking up,” an anonymous source told US Magazine. “They’re really trying to keep it on the down-low.”

The magazine also quotes an Olsen source saying that Ashley “is aware of Justin’s reputation with women, but … They’re in the same head space.”

In the past weeks, Timberlake has also been linked to Wilde, Cameron Diaz, who he already dated in the past, and Mila Kunis. Kunis and Timberlake star in the upcoming “Friends with Benefits” film.

A rep for Timberlake told the blog Gossip Cop, “they’ve been friends for a long time,” and that he and Olsen are not romantically involved.

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As if they don’t have enough already with their youth, talent, fame (and don’t forget the swag), these stars have made Forbes’ annual list of the 20 richest stars under 25. Mandy Moore, Lindsay Lohan and Miley Cyrus rounded up the bottom of the list, with each earning $3.5 million this year, while Hilary Duff made $12 million, Daniel Radcliffe got $15 million and Mary-Kate and Ashley Olsen raked in $17 million each! But the top earners are all sports stars, including Michelle Wie with $19 million, Maria Sharapova with $23 million and LeBron James coming out on top with a cool $27 million!

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The Olsen twins celebrated their 21st birthday with an intimate dinner party on Wednesday night.

The twins decided to keep mark their milestone age by sharing a quiet meal with family and friends at Hollywood’s Chateau Marmont, where guests included their younger sister Lizzie, 19, and 23-year-old brother Trent.

Mary-Kate and Ashley – who shot to fame aged just nine-months playing Michelle in hit US TV Show ’Full House’ – were the centre of attention as gifts and cards were lavished upon them all night.

At 11pm, two red velvet cakes were brought out – one covered in white icing, the other in black – and the whole table sang ‘Happy Birthday’ to the girls, who then blew out their 21 candles.

During the meal, each guest took it in turns to raise a glass of champagne to the birthday girls and the sisters happily posed for pictures, which were taken on their vintage Polaroid camera.

An onlooker said: “It looked like a family dinner. You could tell they were all really close. The girls couldn’t stop smiling.”

Mary-Kate looked on lovingly as the mystery man sitting next to her gave the last speech, before kissing her.

Mary-Kate Olsen and Ashley Olsen sighted in Culver City,

remember back when there was a count down to when they became legal because every male  loved them?
Now they pretty much look like moneys dressed in rags. Well done girls, you’ve officially become the crazy lady with all the cats..only instead of cats its coffee.

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