While the 'Jackass' star - who has been sober since entering rehab for drug abuse and bipolar disorder in 2008 - apparently called time on the relationship because of her love of partying in April, they have now decided to give it another chance and are on a romantic holiday together in Costa Rica.
Steve-O was seen giving the Italian actress a kiss as the took a break from surfing during their trip.
Although he broke off the relationship earlier this year, sources said he still cared about Elisabetta.
An insider explained: ''Steve-O dumped Elisabetta over her partying. He is extremely serious about his sobriety and did not want to be dating anyone who could jeopardize that.
''He still really cares about her but can't risk relapsing back into his old ways, so he had to cut her loose.
''Steve-O wants her to control the partying for her own sake. But, in the meantime he needs to distance himself from her.''
The unlikely pair were first spotted together in January, after Elisabetta is said to have fallen for Steve-O because of his similarity to her ex-boyfriend George Clooney.
An insider said at the time: ''Steve makes Elisabetta laugh, and that's her weakness. That was the best thing about George Clooney- he was always cracking her up and playing practical jokes on her.
''Believe it or not, George has a little Jack Ass in him, and ever since Steve-O got sober, he's very sensitive and introspective, so Elisabetta is getting the best of both worlds.