Resist the urge to shout "New Couple Alert!" US Weekly reports that Justin Timberlake, who espoused his continued fondness for recent ex, actress Jessica Biel, in the new Vanity Fair, is cozying up to former child actress and fashion mogul Ashley Olsen.

The tab reports that Timberlake and Olson are "inseparable" and "flirty" and that they are dating.

Not so fast, pop culture hawks.

While it would stand to reason that Timberlake and Olson would make a dashing pair, since both recently exited long term relationships (she was with Justin Bartha, who played the MIA groom Doug in the first 'The Hangover') and both run burgeoning fashion labels (he's behind William Rast; she and twin sister Mary-Kate own and operate the too-fab Elizabeth and James line and the upscale The Row line), JT's rep denies that anything is going on between the two other than friendship.

"They are friends. They are not romantically involved," the Timberlake rep stated. However, an Olsen source says that the pair are "hooking up" and that they were seen at a variety of NYC locations, including the Greenwich Hotel, a 'Saturday Night Live' afterparty, two Broadway shows and a polo match just outside the city.

Let's see how this rumor shakes out!

Watch Justin Timberlake and the 'Liquorville' Skit From the 'SNL' Finale