According to E! News, the 21-year-old singer and Schwarzenegger have been "spending a good amount of time together" as of late and have been spotted at his place in Los Angeles and the Universal Haunted Hayride over the past week.
Sources close to the situation say the two "are not officially together" and they're just "good friends," but previous statements made by Schwarzenegger about Cyrus make their friendship seem like the beginning of something else.
During an interview with Details magazine in 2011, the 21-year-old actor said he had his eyes "set on Miley" while discussing possible love interests.
Cyrus has not publicly admitted to being in a relationship since ending her engagement to Hunger Games star Liam Hemsworth in September of 2013. However, the singer was linked to her Bangerz collaborator Mike Will Made-It soon after her split from the Australian actor.