The pair were seen with their arms "wrapped around each other" and were reportedly very "touchy" at a party for Hudgen's latest film, "Beastly."
Hutcherson, who starred in the Oscar-nominated 2010 film, 'The Kids Are All Right,' also brought Hudgens as his date to Saturday's Independent Spirit Awards, where his movie won for best screenplay.
At the Spirit Awards, Hutcherson reportedly walked Hudgens to the bathroom and brought her back to their seats with his hand on the small of her back.
Hudgens and Hutcherson's respresentation had no immediate comment on the report.
Earlier in the month, Hudgens announced that she's chosen her wedding dress designer, despite the fact that the actress recently split from her long-time boyfriend Zac Efron in December.
"I want [Marchesa] to dress me for my wedding," the actress told People magazine during New York Fashion Week. "[Their] lace work just blows my mind... Anyone would be lucky to have a Marchesa dress in their wedding."
The actress told Details magazine recently that she was "figuring things out" with Efron and that the two are still friends.
A few weeks ago, Efron accompanied actress Vanessa Palmer to the premiere of her new movie, "Take Me Home Tonight" and were seen holding hands, People magazine reported.
Hudgens has been filming the sequel to "Journey to the Center of the Earth," entitled "Journey 2: The Mysterious Island." Hudgens worked with Oscar-winning actor Michael Caine, 77, who the actress says put the moves on her.
Hudgens stars in the upcoming action film, "Sucker Punch," a Zack Snyder movie about escaped female insane asylum inmates who live in an alternative reality in the '50s. "Sucker Punch" is set for release on March 25, 2011.