After emerging as the most eligible member of the Royal family following Prince William's marriage to Kate Middleton, Prince Harry appears no longer to be a bachelor.
The Prince is believed to have spent time in private with Florence, 25, a lingerie and swimwear model.
She is a descendant of the seventh Earl of Cardigan, Lieutenant General James Thomas Brudenell, who famously led the Charge of the Light Brigade against Russian forces during the Crimean War.
Florence and Prince Harry have reportedly known each other for years.
Friends told The Sun that Prince Harry, 26, had visited Florence at her £2.5 million home in Notting Hill, West London after admitting his long-running on-off affair with Chelsy Davy was over.
A Royal source told the newspaper: "It’s very early days but Harry and Florence are an item. Harry really likes her."
Florence, the daughter of Old Etonian wine merchant Andrew and his wife Sophie, went to Stowe School in Buckinghamshire before reading history of art at Bristol University.
She has previously talked of her love of art, having studied the subject also taken by Prince William and the Duchess of Cambridge.
Her father was a collector, Florence said, and she had become "obsessed" with art.
"I get more pleasure out of collecting art than buying clothes - that’s how I justify it," she once said.
The model was already beginning to make her name by fronting campaigns for John Lewis when she met racing driver Button in 2006. They separated in 2008.
When asked about her relationship with the Prince yesterday, Florence said: "There's not much to say."