The supermodel, 19, and the Euphoria actor, 23, were seen holding hands as they made their way to dinner on Friday in New York City.
The pair kept things casual for their evening out with Elordi sporting a graphic T-shirt, cuffed jeans, and boots while Gerber looked chic in an oversized blazer, shorts, a cropped blouse, and white sneakers.
The duo — who first sparked dating rumors after they were seen dining at Nobu Malibu earlier this month — both wore sunglasses and face masks during their stroll.
Gerber and Elordi were spotted walking and holding hands later that same day.
An onlooker told PEOPLE that the supermodel and The Kissing Booth star were holding hands while walking the streets of Soho earlier this week as well.
"Their fingers were interlocked, and they seemed very comfortable together," the onlooker shared. "At one point they weren't holding hands and Kaia grabbed his and they went on their merry way. They looked happy."
The model and actor were photographed together wearing workout clothes and matching black face masks.
Last month, Gerber was photographed embracing fellow supermodel Cara Delevingne at a Black Lives Matter protest outside the Hall Of Justice in Los Angeles.
Gerber previously dated Pete Davidson. She and the Saturday Night Live star, 26, were first romantically linked in October 2019, but by January, fans speculated that their relationship had cooled off after they hadn’t been seen together in weeks.
Elordi was most recently linked to his Euphoria costar Zendaya. In March, they were photographed strolling through a flea market together in Los Angeles.
The HBO actors were spotted at the Skylight Modern in New York City earlier this year. In February, Elordi (who dated his Kissing Booth costar Joey King from 2017-19) was also photographed giving the Spider-Man: Homecoming star a sweet smooch on the side of her head in New York City's Soho neighborhood.
Elordi and Zendaya first sparked dating rumors when they vacationed together in Greece last summer.