Hasselhoff, who starred in the television series Baywatch, has been separated for several months from his wife, actress Pamela Bach.
According to the New York Post, the 54 year-old star met Toussaint, 33, at a private party for the Fourth of July at the home of Playboy magazine founder, Hugh Hefner.
Hasselhoff has just finished a long custody battle with his ex-wife for their two teenaged daughters. The actor won full custody of the girls.