"There's no doubt Terri's Paul's type, Terri's always saying how she'll never find anyone like Steve, but Paul is someone who could totally fill those shoes," another source added.
Irwin aka the Crocodile Hunter died following a stingray attack in 2006, leaving behind a grieving wife and kids. Terri has since taken sole charge of his position at Australia Zoo.
Hogan is known for playing the role of outback adventurer in the 1986 film Crocodile Dundee.
He was previously married to Noelene Edwards, before finding romance with co-star, Kozlowski.
Sharing five children with Edwards and one with Kozlowski the father-of-six is currently single.
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Despite revalations in the New Idea feature, Terri recently told Entertainment Tonight she was not looking to move on at all.
"It's really nothing that I'm considering," she said when asked if she would ever date again.
"I think I've had my happily ever after," she said. "I still feel immense love and loyalty to Steve.
"I've got great kids, I've got a very full life; she added. And while I'm lonely for Steve, I'm not a lonely person.
"I think if I hadn't met Steve I probably would have never married, that's how unique our relationship was. And I think for other people who have lost someone and have loved again, it's a beautiful thing, but it's just not really on my horizon."
Neither party have released any comment in relation to the rumours.
-Daily Mail