Romance Rumor of the Day: Leonardo Rebounding With Blake?

Wonderwall, Tuesday, May 17, 2011, 1:02pm (PDT)

By Kat Giantis

Well, that didn't take long. Less than a week after Leonardo DiCaprio reportedly called it quits with Bar Refaeli, his supermodel squeeze of five or so years, he's being linked to another leggy blonde.

On Monday afternoon, paparazzi snapped the low-profile actor laughing, hugging and generally looking at ease with Blake Lively on a yacht at the Cannes Film Festival.

But it wasn't exactly a romantic tête-à-tête. Also on board were Steven Spielberg (he, too, got a hug from Leo) and DiCaprio's pal, Lukas Haas, making this seem like more of a movie confab than a date.

Still, the rendezvous follows a report in the New York Post that says Leo, 36, and Blake, 23, enjoyed a stroll around the swanky, see-and-be-seen Hotel du Cap on Friday night.

"She was wearing white, and he was in a baseball cap," alleges an onlooker. "They walked around the grounds together. It looked like they were a couple."

And this isn't the first time the model-favoring A-lister has been linked to the statuesque "Gossip Girl" starlet.

Back in November, eyebrows shot skyward when they were spotted having dinner in New York, but it turned out to be a group business meeting with director Baz Luhrmann for "The Great Gatsby."

Two months later, Lively was rumored to have aimed her flirting charms in Leo's direction during Jeremy Renner's 40th birthday bash (that was the same memorable shindig that allegedly ended with a partied-out Christina Aguilera pulling a Goldilocks move in the birthday boy's bed).

Reps for DiCaprio and Lively didn't respond to our request for comment on the romance whispers, although both sides recently brushed off the hookup speculation.

In between getting friendly with Blake, Leonardo has been soaking up the scene in Cannes, including hitting a private Kanye West performance on Saturday night.

As for the actor's swimsuit enthusiast ex, she's also in Cannes. On Monday night, Refaeli posed in a teeny minidress at a Chopard-sponsored event.

So, have the exes crossed paths on the Croisette?

"There's been no Bar in sight," a source tells E! News. "Just pretty ladies."

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