Ashley Olsen has reportedly rekindled her short-lived romance with Jared Leto.

The couple - who dated briefly in 2005 - was spied holding hands at the Art of Elysium gala in L.A. on January 12, before indulging in a public smooch.

"They looked like a couple and they were making out," a witness told Us magazine.

However, an 'Olsen insider' denies that the pretty pair are dating again, insisting, "They aren't back together. They're friends."

Ashley is better known for dating older, more distinguished types such as Lance Armstrong, whom she was linked to last year.