Yes, she’s on a boat. But whose boat? The rumours about this new Aussie power couple just won’t go away.

“We’re friends,” Miranda Kerr insists when asked about her rumoured billionaire boyfriend James Packer. Friends who spend a week on a yacht together?

There are reports from the Sydney Morning Herald that Miranda spent last week in Cyprus with James on his luxury superyacht the Arctic P. The reports gathered speed with these two pics that Miranda uploaded to Instagram.

http://ivillageau.s3.amazonaws.com/wp-content/uploads/files/miranda-arctic-p-cabin-report.jpg The inside of a superyacht cabin? The gossips say yes.

http://ivillageau.s3.amazonaws.com/wp-content/uploads/files/Miranda-Kerr-on-boat.jpg Yup. Look like she's in a boat to us.

Some say Miranda's presence on the boat might be to encourage the billionaire to invest in her cosmetics brand Kora, but we can't help but suspect there is more to it, since rumours of the couple being more than friends have been circulating since late last year.

http://ivillageau.s3.amazonaws.com/wp-content/uploads/files/James-Packer.jpg James Packer with former wife Erica.

James Packer has certainly transformed himself of late, shedding 35 kilos after undergoing gastric bypass surgery. He has battled with his weight most of his life but it's never stopped him from attracting some of the world's most beautiful women. He and model ex-wife Erica Packer have three children together - Indigo, 6, Jackson, 4 and Emmanuelle, 19 months. They announced their separation in September 2013 after six years of marriage.

Miranda Kerr and Orlando Bloom announced their split shortly after, in October of 2013 which set tongues wagging about a possible relationship with James Packer. She and Orlando have one child together, Flynn, 3.

Do you think Miranda Kerr and James Packer are doing the right thing by keeping their relationship under wraps, or should they just come out already?

Miranda Kerr isn't usually this coy when it comes to having her photo taken. CLICK THROUGH  some of her best family happy snaps:

Miranda and her parents

Miranda and her mum back in the day

Flynn is a clear combo of the two

Kerrbloom's awkward Oscars run-in

Miranda and Flynn

Stylish Miranda

Miranda preps for the Victoria's Secret show

Happier days

Miranda and Orlando pre split

Miranda and Flynn snuggle

Miranda breastfeeding Flynn.

Miranda shares an intimate photo

KerrBloom

Miranda and Orlando

Miranda Kerr and Orlando Bloom dating

Like this? Try:

Miranda Kerr's family snaps, in Vogue of course.

Erica Packer: Why I'm divorcing James.