"It's all very new. They are really enjoying each other's company very much," a close family friend of the Murdochs told The Mail on Sunday of the new romance. The newspaper also reports that the pair plan to make their public debut as a couple at the Rugby World Cup final at Twickenham next week.
The Texas-born model and the billionaire -- who has headed up 21st Century Fox, the Wall Street Journal and the New York Post, to name just a few of the media companies in his portfolio -- were reportedly introduced in his native Australia by one of his sisters and his niece.
Jerry split with cheating Rolling Stones frontman Mick, the father of her four children, in 1999 after more than 20 years together. Rupert's marriage to third wife Wendi Deng ended in 2013.
"He is very fond of her," a friend of Murdoch's tells The Mail On Sunday of the businessman's feelings for Jerry. "There is no question that they are a couple."
With a reported net worth of $12.4 billion, Rupert -- a naturalized American citizen -- was in 2013 ranked at No. 33 on Forbes' list of the richest Americans and at No. 91 on the magazine's list of the richest people in the world.