The 35-year-old singer, who is a judge on the show, first met executive Storm Uechtritz two years ago on set. The pair worked together for seven months before Uechtritz moved on to other projects.
They are said to have grown close over the last two months following the 30-year-old's split from her businessman husband.
Keating announced that he had separated from model Yvonne - his wife of 14 years - in April. He was said to have been "devastated" when he found out she had met someone new.
"Storm is beautiful and vivacious and is a really good tonic for Ronan after the tough 18 months he's had," a source told the paper.
"They have loads in common - both are into keeping fit, music and good food and wine - and there is a real spark between them.
"For the first time in months Ronan has a real spring in his step and although they're still in the early stages, both think this could be something long term."
Uechtritz, who is based in Sydney, is said to have told friends that she is considering moving to the UK to be nearer to Keating when he finishes filming.
Keating - who has previously denied that he plans to move to Australia - flew in from Ireland earlier this week and the pair have been out on a number of dates.
"Those close to Storm have known for some time about her and Ronan, and everyone's delighted for her," the source claimed.
"There is no animosity between Storm and her ex. They remain on good terms."
Keating, who recently released his new album Fires, is said to be planning to tell his three children about his new relationship soon.
Watch Ronan Keating in the video for his latest single 'Fires' below: