The couple's attorneys, Shawn Holley and Howard Weitzman, have teamed up and allegedly sent letters to the magazines, warning them the "reports are false, malicious and defamatory and will cause immense damage to the couple's careers and reputations," reported TMZ Online.
The reports include photographs of Smart outside a peep show in New York City in July, the magazine claims the shop is a "well-known cruising spot for gay men looking for instant hookups."
The reports also said that Smart was "caught with an exotic masseuse", the day before he helped host Jennifer's 43rd birthday.
In their letters, the lawyers have each demanded the magazines print a full retraction, warning Smart and Lopez will immediately file a lawsuit if the magazines fail to do so.