Cyrus, 22, recently split from boyfriend Patrick Schwarzenegger, reported Us Weekly.
"They've been hanging out in LA, but only a few people know," a source said, adding that "dating could definitely happen."
"Liam cut her off, but she would still text him. He eventually started answering. They would check in on each other here and there," another source said.
Cyrus got engaged to Hemsworth, 25, back in 2012, but the couple broke up the following year.
The actress-singer ended her romance with Schwarzenegger recently after five months of dating following persistent rumours of him cheating on her during a holiday.
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