The 30-year-old supermodel, who announced her split from British actor Orlando Bloom in October after three years of marriage, has reportedly started a new relationship with her long time friend James, 46, who split from his model wife, Erica Baxter, three months ago.
The new issue of Australia's Woman's Day magazine, which was once owned by James' late father, Kerry, will feature the duo on its cover on Monday (02.12.13) with the headline: ''Head over Heels: The Billionaire, The Supermodel and Their Red Hot Romance,'' according to the Sydney Morning Herald newspaper.
Sources also said that neither Miranda nor James have denied that they are in a relationship, a week after they were first approached by journalists.
Mr. Packer, who is Australia's richest man, and his estranged wife have three children.
Orlando and Miranda have a two-year-old son, Flynn, and were spotted attending a performance of the 36-year-old actor's Broadway production 'Romeo & Juliet' together in New York on Saturday (30.11.13).
The ex-Victoria Secret angel shared a photo of Orlando at the Richard Rodgers Theatre with the caption: ''Flynn having such a great time watching Daddy on stage.''
The former couple recently insisted they would always consider each other ''family'' and there were no hard feelings.
Miranda said: ''We love each other as family, forever.''