The pair met at Sir Elton John's post-Oscars party in Los Angeles on Sunday night. Reports claimed that the two were seen snogging before Price 'dragged' him into a taxi with her. The following morning, she tweeted Penna a picture of them together as they left her hotel.
"From what I hear about Jordan, it's a match made in heaven," an Argentinian source told The Sun. "He's a bit of a male bimbo - a himbo. He's a model, TV star and wannabe actor, better known for his looks than for his talent."
Penna, who appeared as a lifeguard on Argentina's version of BBC gameshow Hole In The Wall, has starred in ad campaigns for Louis Vuitton and Coca-Cola. Price has allegedly promised to give him a guided tour of London and invited him to stay at her Surrey home.
However, Reid - now living with his mother - is said to have "flipped" after hearing the news.
"Alex's hurt has turned to rage," another source said. "His humiliation continues. She keeps dangling the carrot that there's a glimmer of hope for them - but she's just being cruel."
Asked on Twitter if she had seen the latest claims, Price told a fan: "no I haven't I don't live my life worrying what people say about me if its not nice they don't know me xx (sic)"