The former Sports Illustrated swimsuit model went topless in Tulum, Mexico, on Tuesday, enjoying a day at the beach and in the ocean with Vito Schnabel.
The America's Got Talent" judge, 40, has been spotted all over recently with the 27-year-old art dealer and son of director Julian Schnabel (The Diving Bell and the Butterfly).
The two were seen touring Paris art galleries in March and kissing over Oscar weekend.
The Project Runway host (who might want to ask contestants to make her a top next time) ended her two-and-a-half year relationship with bodyguard boyfriend Martin Kirsten in January.
Schnabel has previously dated Demi Moore and has also been linked to Liv Tyler and Elle Macpherson.