The former "General Hospital" and "Melrose Place" regular recently was in the news after he and actress Heather Locklear broke off their engagement.
E! Online reported a woman identified as Kerry approached Wagner and told him her story before he was to perform with Rick Springfield at a concert in Boca Raton, Fla.
Wagner's representative told the celebrity news Web site the 52-year-old actor has embraced the young woman and hired private investigators to help determine who her biological parents are.
"[The] two reuniting is a wonderful story," the representative told E! Online, adding they are expected to spend Thanksgiving together.
The "Bold and the Beautiful" cast member was previously married to actress Kristina Wagner from 1993 to 2006. They have two sons together.