Macpherson, 44, has had many dates with Vito Schnabel, son of director Julian Schnabel, who has an Oscar nomination for The Diving Bell and the Butterfly.
A source revealed, "Everyone is buzzing about this. They make such a hot couple.”
Macpherson and Vito are making their first public appearance this evening (February 5). They will be having dinner at Cipriani restaurant in New York, where the model who is now designing, will be receiving an award for her eponymous lingerie collection.
Last week there were rumours that Macpherson, the mother of two children, was dating photographer Scott Douglas who insisted that they were just friends.
Macpherson split up with the father of her children, Arpad Busson, in 2005.