The 41-year-old "The Revenant" star enjoyed a luxurious downtime with friends along with the Danish model sailing off the coast of Balearic party island, reported AceShowbiz.
The alleged couple was joined by a large group of close pals, including Dicaprio's best friend Tobey Maguire.
The group later had lunch at one of the island's popular restaurants.
There were reports doing the rounds that the duo have parted ways after the model was seen no where at the actor's star-studded charity gala last week where he was pictured enjoying the company of gorgeous woman.