Prescott, 51, is COO and co-founder of Dreamstine, a microstock photography agency. He's also a father of three from his previous marriage.
"Jeff and Kate have known each other for over a year," a source tells Us about the new relationship. "They like each other."
"Jeff is a really, really good guy," another source adds. "He is very respectful of Kate and her family."
And do Kate's children approve?
According to the new report, Prescott has yet to meet 14-year-old twins Cara and Madelyn, and 10-year-old sextuplets Alexis, Hannah, Aaden, Collin, Leah and Joel, though he did get them Christmas gifts.
Gosselin was of course famously married to ex-husband Jon Gosselin for 10 years before divorcing in 2009. The "Jon & Kate Plus 8" stars didn't exactly split on an amicable note.
"I don't have a relationship with Kate. There is no relationship. Text and email. That's it," John told ET last September about his estranged ex-wife, when he explained why he wasn't currently paying any child support for his eight kids. "[Kate and I] both support [the children] financially because she takes care of school and all that stuff, but I take care of the exact same things she takes care of. I buy their own groceries, they have their own groceries at my house, their own bedrooms, their own stuff, it's doubled."
"He lives his own life," Kate also told ET last September about the current status of their relationship. " I'm my kids' sole supporter, and I'm supporting them and concerned about their safety, and he lives his own life."