The Courier Mail reports the former star swimmer is dating model and law student Ryan Channing.
RELATED VIDEO: Ian Thorpe "I'm not straight"
Thorpe, 33, reportedly met Channing, 26, late last year and they have been enjoying a passionate summer romance.
“While it is early days in relationship terms, they are smitten with one another,” an unnamed ‘friend’ told the newspaper.
“Over the last few weeks Ian and Ryan have been inseparable. They have been going out in public together and meeting one another’s friends, they seem really happy.”