The 'Joneses' star, who split from Ashton Kutcher in November 2011 after six years of marriage, is reportedly dating Hard Rock Cafe billionaire Peter Morton, 66, just five months after she decided to end her six-month relationship with his son Harry Morton, 31.
A source told Britain's Grazia magazine that the couple "have been seeing each other up to three times a week.
"Demi says that thanks to Peter, her toy boy fascination could be over ... at 66, she never thought he'd be her type, but she really likes him."
Demi and Harry, who previously dated Lindsay Lohan, ended their romance in May after agreeing they were better off as friends but the restaurateur has allegedly given the actress and Peter his blessing.
The source said: "It's a bit strange, but ultimately Harry is happy if they are."
Demi's daughters Rumer, 25, Scout, 22, and Tallulah, 19, whose father is her ex-husband Bruce Willis, are also happy for their mother.
The insider said: "The girls are glad Demi is dating someone older than herself for once. They met Peter at a recent party at his Beverly Hills home and they think he's charming."
Demi - whose divorce from the 'Two And A Half Men' actor Ashton has not yet been finalised - was most recently linked to former commercial pearl diver Will Hannigan.