VICTORIA’S secret beauty Miranda Kerr was spotted boarding billionaire media mogul James Packer’s luxury icebreaker yacht in Sotogrande, putting a giant question mark on claims that they are not a couple.

Rumours of their relationship started when both split with their spouses a year ago, Miranda from Orlando Bloom, Packer from his wife Erica.

And after Orlando was caught kissing Erica Packer in Formentera, speculation that the two have traded squeezes is rife.

James is definitely turning up the class for Kerr, wearing a polo and a baseball cap repping his production company RatPac, as opposed to his trademark tracksuit and sweats.

Understatedly sexy in an all-black tank and skinny-jeans with a Hermes belt, it looks like the supermodel hopes to keep a low profile.

And who wouldn’t, after possibly becoming the focus of two celebrity brawls, one between James Packer and Kerr’s friend and Channel Nine boss David Gyngell, and the notorious Bloom-Bieber brawl this month in Ibiza.

Kerr, however, denies the Packer vs Gyngell bust-up was about her.

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