Danica, who flirted with the prince on the reality show, will apparently appear in a romantic photo shoot with him in this week's OK! magazine.
The Sex, Lies and Rinsing Guys star apparently fell out with her boyfriend over taking part in the magazine shoot and she decided to split from him and do it anyway.
"Naturally Prince Lorenzo was there to pick up the pieces. He has always admitted being smitten by her and it gave him the perfect opportunity to make a move," a source told the Daily Star.
"Danica and Lorenzo were all over one another at the shoot and acting like lovestruck schoolchildren."
Lorenzo lives in New York and has an estimated £30 million fortune. Danica is famous for making money and getting gifts from rich men, describing the pastime as "rinsing".