But was the duo's dinner at New York City eatery The Lion more business than pleasure?
Sources tell PEOPLE that although Lively, 23, and DiCaprio, 35, were indeed sitting next to each other, they were not sitting alone.
The dinner "was with Baz [Luhrmann] and five other people," a source says.
Why Luhrmann? According to Deadline Hollywood, the famed director is currently on the hunt for an actress to play Daisy Buchanan in his next film project, The Great Gatsby. The site also reports that DiCaprio recently read for Luhrmann as the film's star Jay Gatsby.
So, the dinner, a source says, was "all about the movie."
Aside from Lively, Luhrmann reportedly has Keira Knightley, Amanda Seyfried, Michelle Williams, Scarlett Johansson and Natalie Portman in mind as contenders for the role.
Reporting by LIZ MCNEIL and SUZANNE ZUCKERMAN