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Kevin Costner had a massive crush on Elizabeth Hurley when he was dating her roommate in the late 1990s — and a source says he’s waiting in the wings and ready to pounce if things don’t work out between her and Billy Ray Cyrus, 63.

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Kevin, 70, knew Liz, 60, in her prime in the late ’90s “and always thought she was smoking hot,” says the source. “There was a genuine connection there, and rumors circulated that they may have actually hooked up, though neither one of them ever admitted it.”

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Kevin has thought about Liz a lot in the months after his bitter divorce from Christine Baumgartner, 51, says the source. “So if the opportunity ever arose, he’d jump at the chance to get with her. Of course, the only thing in the way is Billy Ray.”