The model, who has starred in campaigns for Victoria's Secret and DKNY, was pictured with Bugg at a Burberry Acoustic event earlier this week.
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A source told The Sun that Delevingne and the 'Lightning Bolt' singer began a relationship recently.
The insider said: "Cara and Jake are an item. They first met a couple of months ago at a party she was at with her best pal Rita Ora. They hit it off straight away."
Bugg rose to prominence at 2011's Glastonbury Festival, where he performed on the BBC Introducing stage.
Delevingne previously dated One Direction's Harry Styles and recently revealed that she had received death threats from the star's fans.
View all of today's best celebrity pictures - Photo gallery:
Kate Nash shows off new black hair with blonde streaks at Teen Vogue's 10th Anniversary and Chloe Moretz's Sweet 16 celebration in New York.
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