The Sydney Morning Herald claims the stunning supermodel, who the billionaire is rumoured to have been courting for months, enjoyed a few days off the coast of Cyprus, near Greece, on Packer’s cruiser the Arctic P last week.

The background of a photograph on the 31-year-old’s Instagram account that shows her working on a laptop computer looks to match the decor of the casino mogul’s beloved vessel.

 An insider told the newspaper that Miranda’s journey aboard the Arctic P was to persuade him to invest in her skincare range, Kora Organics.

A representative for Miranda has been contacted by Daily Mail Australia.

The high-profile Australians have been friends for years according to the former Victoria’s Secret model, who revealed the pair had spoken as recently as just after Packer’s now infamous Bondi brawl with Channel Nine CEO and long-time friend David Gyngell.

‘We’ve spoken. Yeah of course. We’re friends,’ she told the Sun Herald last month.

James’ personal assistant was also seen leaving the mother-of-one’s Sydney residence with a copy of both of her self-help books – Treasure Yourself and Empower Yourself – when the brunette was in town last month.

Whispers of a romance between Miranda and James began in December last year after a report in Woman’s Day magazine claimed James had been overheard telling friends he was ‘seeing’ the mother-of-one.

The timing seemed to fit after the Gunnedah-born beauty split from husband Orlando Bloom in October, the couple sharing three-year-old son Flynn.

Packer is also newly single after separating from wife Erica Baxter after seven years of marriage, which spawned three children.

Despite the constant reports that the two are more than friends, Miranda has stated clearly on several occasions that she is enjoying life as a single woman.

She also enjoys a very modern arraingment with now ex Orlando, and was up to date on his dating life during her trip to Australia last month.

When quizzed by Daily Mail Australia about photos of the Pirates Of The Carribbean Star looking cosy with British model Laura Paine, Miranda was quick to shut down the rumours.