The 45-year-old Brady divorced Gisele Bundchen last October and has allegedly been looking for someone to "settle down with."
Even though there were reports that they were dating, Brady and Witherspoon's reps told People that they are not.
Last month, Witherspoon broke the news on Instagram that she and her husband Jim Toth were getting a divorce.
A source told RadarOnline, "Tom's looking for a regular girl he can settle down with."
He is also said to "know that there are a lot of hot young stars waiting in line to join his team, but he is being careful."
At the end of the day, a source said, "Tom doesn't want to be burned by another supermodel."