Not so fast!
One source told E! News that the two "are just good friends," while a second source (who is close with Chmerkovskiy) revealed that they've "heard nothing about them dating."
But man, would that make one good looking couple, right?!
The duo were said to be spotted getting cozy during a dinner at Scalinatella in New York City.
Management at the Upper East Side eatery debunked the report and told E! News that Upton's dinner did "not look intimate at all."
While the restaurant could not confirm that it was the Dancing With the Stars vet with the buxom model, they did say that the two dinner guests appeared to be "just friends."
Upton has remained mum on her dating life but opened up in February to deny that she was dating Detroit Tigers pitcher Justin Verlander during a Fox News interview.
Our guess is she won't be single for too long!
—Additional reporting by Baker Machado