A source told Page Six that when she and Davidson were spotted together in November they were getting “more serious”, with the insider adding: “Pete takes her to dinner and events. They also hang out a lot at home.”
Ratajkowski divorced Sebastian Bear-McClard, 34, with whom she shares 21-month-old son Sylvester Apollo Bear, earlier this year.
As for Davidson, the 29-year-old actor - who dated Kim Kardashian for a year after her split from Kanye West - has been seen out with his Bodies Bodies Bodies co-star Chase Sui Wonders, including at a Rangers game.
News of Davidson and Ratajkowski ending their fling comes after the latter revealed she joined a dating app but fears it is “too white” and doubts it will result in her meeting a “lady crush”.
She signed up while holding a glass of wine on the December 22 edition of her High Low podcast, but didn’t specify which site she was using.
The 31-year-old beauty said: “I was like, ‘F*** it’. I was feeling defiant because so many people told me not to get it.”
She also told how she quickly got “a few direct requests from women” which she said was “exciting”.
But Ratajkowski added: “I feel like this app is a little bit white. It’s very white and feels like a very particular man and very particular type of woman, so I don’t think I’m gonna meet my lady crush on here.”