The 'RocknRolla' movie director - who split from wife Madonna last year - and the Australian supermodel sparked romance rumours after they were seen enjoying an intimate dinner in London on Monday night.
The pair appeared engrossed in conversation and seemed desperate to avoid being spotted together as they left the Notting Hill Brasserie restaurant separately in the early hours of the morning.
The 40-year-old director has been linked with a string of women since his marriage breakdown, including millionaire heiress Jemima Khan and his 'RocknRolla' producer Lauren Meek.
Last year, Elle - who was nicknamed 'The Body' during her modelling heyday - was said to be dating convicted cocaine smuggler Brian Burgess.
However, the beauty hasn't had a serious relationship since splitting from French financier Arpad Busson in 2005. The pair have two children - Flynn, 11, and Cy, six.
News of Guy's blossoming romance comes days after Madonna moved her new boyfriend, 22-year-old Brazilian model Jesus Luz, into the New York apartment she shares with her children 12-year-old Lourdes, Rocco, eight and David, three.
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