Ryan Phillippe has already 'moved on' from ex fiancée Paulina Slagter

Ryan Phillippe doesn't appear to be heartbroken over his split from fiancée Paulina Slagter.

ET can confirm that the two called it quits earlier this month, after nearly five years together. Now, the 42-year-old actor is embracing the single life.

WATCH: See the Stunning Ring Ryan Phillippe Gave Fiancée Paulina Slagter!

"He's moved on," a source told ET on Friday. "He's on the rebound. He's been going out on the town a lot since they split."

The source revealed that although the Secrets and Lies star has been out at least twice a week with friends, he's also been making plenty of time for his family, especially his 13-year-old son, Deacon, whom he shares with ex-wife Reese Witherspoon.

Ryan Phillippe and girlfriend
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Ryan Phillippe and girlfriend
BEVERLY HILLS, CA - DECEMBER 18: Actor Ryan Phillippe and Paulina Slatger attend The PEOPLE Magazine Awards at The Beverly Hilton Hotel on December 18, 2014 in Beverly Hills, California. (Photo by C Flanigan/Getty Images)
MIAMI, FL - JANUARY 01: (EXCLUSIVE COVERAGE) Paulina Slagter and actor Ryan Phillippe pose for a photo at Salt and Pepper on January 1, 2014 in Miami, Florida. (Photo by Pierre Zonzon/FilmMagic)
LOS ANGELES, CA - MAY 18: Ryan Phillippe and Paulina Slagter are seen on May 18, 2013 in Los Angeles, California. (Photo by GONZALO/Bauer-Griffin/GC Images)
LOS ANGELES, CA - NOVEMBER 03: Ryan Phillippe (C), Paulina Slagter and Deacon Phillippe are seen in Brentwood on November 3, 2012 in Los Angeles, California. (Photo by JB Lacroix/WireImage)

"They have a great bond," the source explained. "They spend quality time together. He's a good dad."

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In addition to Deacon, Phillippe and Witherspoon also share a 17-year-old daughter, Ava. The Delaware native also fathered a daughter, 5-year-old Kailani, with Pitch Perfect actress Alexis Knapp.

Last April, Phillippe couldn't stop gushing over Slagter while chatting with Howard Stern on his SiriusXM radio show.

"She's awesome. When people see her they have these judgments because she could be a model, but she's about to graduate Stanford Law," he said at the time. "Also, what's great about it -- as you get older, certain issues become more important to you. I'm very involved in civil rights issues, and so to be with a woman who could actually make an impact in the legal realm, that's a beautiful thing."

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