The 41 year old's new man is six years her junior.
The new couple has been spotted out and about together at a handful of Hollywood events in recent days, according to Life & Style magazine, and they attended the red carpet premiere of Seven Psychopaths on Monday (01Oct12).
Sources claim the pair was inseparable at an Empire magazine party on Tuesday (02Oct12).
An eyewitness says, "They were super happy, smiling and affectionate. They were all over each other and making out.
"They stayed until the end of the party, just the two of them embracing one another on one of the couches in the corner."
Ironically, Resident Evil: Retribution star Urb has just landed a role on hit show Californication, which stars Reeves' ex-boyfriend David Duchovny.
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Photographer Kevin Wells came to the rescue with his Ford Focus after the rappers were left stranded thanks to a taxi mix-up.
Badu used her opening monologue at Sunday night’s awards to tell Azalea, “what you doin' is definitely not rap.”