Jamie Foxx and Katie Holmes have been spending more and more time together over the last year, prompting some to wonder if their long rumored relationship might be growing a bit more serious.

PEOPLE Magazine reports "multiple sources" concede the pair has been hanging out together more than ever over the last several months.

Still, a source told the magazine "this is not some intense romance. Jamie and Katie are friends and have been for a long time. They are two adults who are attractive and single, and so apparently conclusions will be drawn." 

The source later added "but contrary to those conclusions, they're not about to run off and make some serious commitment." 

The 36-year-old is set to star this season in the new drama "Mania Days," which recently premiered at SXSW. Tom Cruise's ex is also reported to have recently purchased an L.A. area home near Foxx's residence.

Sources told PEOPLE Homes can frequently be seen visiting Foxx's home and "they spend hours together" at a time.

In a PEOPLE cover story late last year, Holmes told the magazine she "absolutely" still believes in love. She later added "I'm a very loving person. Of course I'm open to finding love again." 

Rumors romantically linking Holmes to Foxx, 47, have percolated since 2013 after they were spotted dancing together a Hampton's charity event.

According to the New York Daily News, back then Foxx dismissed those claims as "100% not true. In fact, it's quite hilarious because we simply danced at a charity event along with a lot of other people."

Holmes was still married to Cruise at the time. Reportedly, Holmes lives in her new L.A. abode with her eight-year-old daughter, Suri.