Is Diddy Dating Cameron Diaz?

Are Diddy and actress Cameron Diaz hooking up? Multiple sources have reported that things are getting hot and heavy between the rapper/mogul, 42, and the actress, 39. Talk about an unlikely couple!

Since striking out with New York Yankee Alex Rodriguez, Diaz has been spotted out on the town with Diddy, who pursued her during Oscars week in late February. Diaz was caught getting cozy with Combs in a booth at New York restaurant Catch on Oct. 24, and were reportedly "inseparable -- they had their hands all over each other," an eyewitness told Us.

Another Us source claims that Diddy and Diaz have been each other's on-again-off-again hookup buddies since 2008, following her split from Justin Timberlake! "Since then, when she's single, she'll booty call him," the insider reported. On Nov. 11, the pair lunched at Scarpetta in Beverly Hills, where they were "making out, acting romantic," according to another eyewitness.

Reps for both stars insist Diaz and Combs are "longtime friends," and have been meeting to discuss a possible comedic film project.

Meanwhile, Combs is still dating his model/singer girlfriend of three years, Cassie, 25. A source close to the music mogul joked, "Diddy's single whenever there's a better offer on the table!" Ouch!