Michael Theo might be breaking a lot of hearts with his announcements ... 'cause he says "Love on the Spectrum: Australia" won't be getting a third season -- and, he's off the dating market too!

We caught up with the star of the series -- which actually debuted before its American counterpart -- on our "Big Down Under" podcast ... and, he revealed he's dating someone new, but people won't see it play out on television 'cause the show's not coming back. ABC

Theo doesn't give a reason for the cancelation ... but, he seems at peace with it -- frankly telling us that chapter of his life is closed now.

Besides, Michael adds, he wasn't ever in it for the fame -- he was looking for love ... and it certainly sounds like he's found it.

MT says he and this mystery person have been dating

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