The couple split in 1997 after a stormy 18-year romance, but arrived at the party hand in hand - and now pals insist they're even planning to wed.
The pair's agent pal JAY BERNSTEIN claims Farrah's devotion to her ex during his battle with leukaemia touched actor O'Neal, and prompted him to start thinking romantically about the actress.
Bernstein says, "Farrah's changed a lot in the past few years. Her acting career has become less important to her than her family. She's been right there for Ryan."
And O'Neal's second wife Leigh Taylor-Young admits Farrah is just what Ryan needs in his life right now.
She says, "He's like a wild stallion and he needs someone larger than life - someone like Farrah - to reel him in."