"It's early days but they're very much into each other," a source told the Mirror. "Matt's a real hit with the girls, but he may have finally met his match.
"She doesn't suffer fools gladly. But Matt's a lovely guy, charismatic and intelligent. They make a great couple."
According to the newspaper, Emma's new man was the star of last month's Varsity win against the university's rivals Cambridge.
The student, who is studying for a degree in languages, is considered to be one of Oxford's most eligible bachelors and was named best looking player on his team's Twitter account.
News of the romance comes just a few days after it emerged that 23-year-old Emma has split from millionaire's son Adam, 23, over the summer.
The actress is next set to appear in Darren Aronofsky's biblical dram Noah, in which she stars as Noah's adopted daughter Ila. Russell Crowe plays the titular prophet and the film also stars Emma's Perks of Being a Wallflower co-star Logan Lerman, Anthony Hopkins and Jennifer Connelly.