The "Bound 2" rapper, who is in the midst of a divorce from Kim Kardashian, was photographed smiling as he strolled around the grounds of the luxury Villa La Coste in Provence with Shayk, both by themselves and with a group of friends.
Sources tell TMZ the pair is romantically involved although representatives for the stars have yet to comment on the nature of their relationship.
Kanye has a history with the Russian-born beauty - she appeared in his 2010 music video for "Power" and previously modelled for his Yeezy fashion line while the hip-hop heavyweight also gave her a shout-out in his "Christian Dior Flow" track over a decade ago.
Kardashian pulled the plug on her 2014 marriage to Kanye, the father of her four children, in February (21), while Shayk was linked to Heidi Klum's art dealer ex, Vito Schnabel, early last year (20), after ending her engagement to actor/director Bradley Cooper in the summer of 2019.
She and Cooper share a four-year-old daughter named Lea.
Shayk was also previously involved with soccer superstar Cristiano Ronaldo.
Kanye recently celebrated his 44th birthday. Estranged wife Kim had nothing but love for the rapper as she wished him a happy birthday while vowing to love him "for life" despite their separation.
Kim's sister Khloe Kardashian also sent the hip-hop star well wishes, "Happy birthday to my brother for life!!! Have the best birthday Ye! Sending you love and endless blessings. (sic)!!"