The pair have been spotted together in New York--where Olsen is a student at New York University.
A source tells magazine Us Weekly, the 19-year-old TV and movie star is "like a giddy schoolgirl who has a new man".
Olsen recently split from restaurant owner Scott Sartiano. After splitting from long-term love Cameron Diaz in 2003, Leto has been linked with a number of women including Scarlett Johansson.
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