Barely three months after James Packer ended his six-year marriage to the mother of his three children, former model Erica, the billionaire casino mogul has reportedly embarked on a new relationship with another beauty who also hails from the same country town as his ex wife: supermodel Miranda Kerr.

On Monday morning Woman’s Day magazine, which was once owned by the Packer family, is set to publish claims Packer, 46, and Kerr, 30, are now in a serious romantic relationship.

On the magazine’s cover are images of Packer and Kerr, digitally manipulated to appear together, with a headline boldly proclaiming ‘‘Head over Heels: The Billionaire, The Supermodel and Their Red Hot Romance’’.

PS understands Woman’s Day editor Fiona Connolly is ‘‘standing behind the story 100 per cent’’, while neither Packer nor Kerr have denied the report nearly a week after first being approached by reporters.