The magazine broke the news of the relationship on social media tonight, claiming Packer, 46, and Kerr, 30, are “head over heels” in love.
The relationship is said to have started in September, after Packer announced he had divorced his wife Erica, the mother of his three children.
Weeks later, Kerr’s split from her husband of three years Orlando Bloom became public. In a statement, she said she and Orlando had been living apart for several months.
Packer and Kerr have known each other for years, even holidaying together in Tahiti in May 2012 with their respective partners and children.