Jennifer was recently in attendance at the Stockholm premiere of Cruise's latest action film Jack Reacher, where she was observed spending time with the actor.
The pair's evening together at the premiere party led to rumours that they are dating, but a spokesperson for Cruise has now insisted that he is single.
A supposed friend of Cruise also told E! News: "The whole thing is completely ridiculous. Jennifer was there with her whole family who were cropped out of the picture. She happily lives with her boyfriend in LA."
Jennifer's sister Malin played one of Cruise's love interests in Rock of Ages, with the two even filming a steamy make-out scene.
(Pictured above: Tom Cruise and Malin Akerman in 'Rock of Ages')
Malin joked in June that both she and Cruise were "like two dogs licking each other" while shooting the kissing sequence.
"They call action, we go for it, and it is tongue all over," the actress teased.
Cruise finalised his divorce from third wife Katie Holmes in August after five years of marriage.
Watch a trailer for Jack Reacher below: