'Monster' star Theron was photographed relaxing on a beach with Penn earlier this week, reported New York New York Daily News.
They also enjoyed a little surfing near the 53-year-old actor's holiday home, where the pair looked very close and comfortable together.
They further fuelled dating speculation when they arrived back in Los Angeles on the same plane, although they avoided being snapped together and departed separately.
Theron, who was not joined by her baby son Jackson for the beach break, was most recently linked to 'Family Guy' creator Seth MacFarlane, while Penn, who was previously married to Madonna and newly-engaged actress Robin Wright, has also dated Scarlett Johansson.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%