The 40-year-old actor couldn't help but gush about his 36-year-old Life co-star on Thursday's episode of Good Morning America.
"I easily think he's the most interesting actor working in Hollywood today," Reynolds said of Gyllenhaal. "Definitely one of my favorites. At the same time, he's just one of the kindest guys I've ever met."
"We're hanging out all the time. We live near each other," he shared. "He comes over and Blake, my wife, is very good at cooking, [but] Jake might be just a little bit better. He can throw down."
Reynolds and Gyllenhaal play Roy Adams and David Johnson, two crew members aboard the International Space Spation, in Life. The movie follows the crew as they discover -- and later try to destroy -- an extraterrestrial organism from Mars.
"It's hard to find great stories these days like this one. Great stories that contain real tension," Reynolds recently said in an interview with Collider.
"I think there are numerous third and fourth dimensions in this movie that play psychologically with these things that we fear and then, being out of control in more ways than one. Not just physically in space," Gyllenhaal added.
Life co-stars Rebecca Ferguson and opens in theaters March 24. Reynolds married Lively in 2012, and shares two daughters, 2-year-old James and 5-month-old Ines, with the 29-year-old actress.