The singer was spotted holding Panettiere's hand outside a New York club on Monday night, but he insists that their relationship is purely platonic.
He is quoted by Fametastic as saying: "I was helping her out of the car! She had these shoes - they were cute - but they were torture devices, so I had to help her.
"We’d only known each other for one day. She was hanging out with some friends and invited me to come out.
"I’m a fan of Hayden’s show Heroes, so I was excited to know she was going to do [these appearances] with me. Hayden is cool people. She’s a little silly. But silly is good."
Panettiere and Ne-Yo met while touring Ronald McDonald House Charities together across the US as part World Children's Day.