The 26-year-old royal is said to have been enjoying 'secret trysts' with the lingerie and swimwear model over the past few months.
The couple, who have been friends for years, apparently became an item after Harry confirmed that his relationship with Chelsy Davy was over for good.
New love? Prince Harry is apparently dating Jenson Button's ex-girlfriend Florence Brudenell-Bruce
A royal source told The Sun: 'It's very early days but Harry and Florence are an item.
'She is a lot of fun, blonde and very good-looking. Harry really likes her.'
Stunning Florence, 25, nicknamed 'Flee' by her friends, is the daughter of old Etonian Andrew, now a successful wine merchant, and his wife Sophie.
Model behaviour: Florence, who has a history of art degree from Bristol University, is a successful model
The new couple are said to have enjoyed a series of encounters at Florence's £2.5million home in Notting Hill, west London, in recent months.
However, returning to her house yesterday, Florence, who showed off her figure in a pair of tiny denim shorts, declined to comment on the relationship, simply adding: 'There's not much to say.'
Florence, a descendant of the seventh Earl of Cardigan who led the Charge of the Light Brigade, previously dated Formula 1 racing driver Jenson Button.
Former love: Florence dated Formula 1 racing driver Jenson Button for two years before they split in 2008
And the pretty blonde, who was with Button for two years before their split in 2008, was even credited - by Button's Honda team - with being a 'tactically astute' influence on the young British driver.
After coming in eighth place in the French Grand Prix in July 2007, Button said his success was down to a text he received from Florence.
He said: 'My missus sent me a text. It was very impressive. She said, "It is going to rain and the strategy is vital", which was pretty hilarious but she was right.'
Split: Florence and Harry apparently only started dating after he had confirmed he has split from Chelsy Davy
WHO IS FLORENCE BRUDENELL-BRUCE?
Well-educated and from a close-knit and happy family, Florence is the youngest of four children of Old Etonian wine merchant Andrew and his French wife Sophie.
Scouted by a model agency at age 15 coming out of Topshop, Florence finished her A-levels at Stowe school at the behest of her parents before going on to model in her gap year, landing a campaign for adidas in America, vamping up John Lewis’s image in a swimwear campaign, and posing in Elizabeth Hurley’s designs. A billboard campaign for Knickerbox followed.
Naturally slim, she never diets and adores baking. Florence follows her French mother’s advice on healthy eating: eat a good breakfast, lunch and dinner with little snacking in between, and the metabolism will regulate itself, she says. The day before a fashion shoot she avoids large meals; on the shoot she sips ginger tea from a flask, then in the evening enjoys a Thai soup: ‘If food is spicy, it feels good for you.’
With her modelling career going from strength to strength, Florence confessed she loved the ‘acting side’ of modelling and took acting classes at the Royal Academy of Dramatic Art. Her efforts won her a roles in a Bollywood film, Love Aaj Kal, for which she also had a crash course in Bhangra dancing – ‘I’m quite mal-coordinated’ she said. Her ambition, she says, is to star in a Sam Mendes-directed period drama.
Her relationship with Button - which ended ‘amicably’ in 2008, though rumours of the British racing driver’s roving eye swirled at the time - was played out more frequently in art galleries than nightclubs while on F1 tours, and Florence, who studied history of art at Bristol University, was said to have been a ‘tactically astute’ influence on the young British racing driver.
She has been linked to Henry St George, son of the late multimillionaire financier Edward St George and Iain Russell, a gambling pal of Tom Parker Bowles but, wary of the cult of celebrity, she has never desired to be an It-girl and prefers a low-key lifestyle.
Like it or not, that looks set to change.
Florence later explained: 'I think that was a bit of a joke, although I did send the text. He hadn't had such a good year and it was raining, but the car was looking all right, and I remember sitting in his motorhome and texting him just before the race.
'I know the engineers and mechanics thought it was brilliant.'
Florence, who has a history of art degree from Bristol University, has modelled for huge names including John Lewis and adidas.
In addition to her modelling career, she also appeared as the love interest in Bollywood movie Love Aaj Kal two years ago.
However, despite her role in the movie, Florence said at the time a career in the Bollywood industry was unlikely due to her blonde hair and fair colouring.
Florence also recently appeared in a national TV campaign promoting the Paddy Power App and mobile betting for the bookmakers.
Florence has also placed huge importance on starting a family when she finds the right man.
Speaking in 2008, in answer to the question 'What's your ultimate ambition'?, Florence replied: 'I would like to be happy - oh my goodness, I sound like one of those cliched Miss Universe contestants who say their most fervent desire is world peace.
'And successful - not to make pots of money, but to be fulfilled in my career and then eventually, because I am only 22, to marry and have a family...'
As well as Button, Florence has been linked to stars including society favourite Henry St George and Iain Russell.
Harry, meanwhile, split from Chelsy in January 2009 and has since been romantically linked to celebrities including The Xtra Factor host Caroline Flack and Dancing On Ice star Natalie Pinkham.
And despite rumours of a reconciliation after Chelsy attended Prince William and Catherine Middleton's wedding, Harry came forward to insist he was '100 per cent single'.
Speaking at the Hard Rock Calling festival in London last weekend, Harry made no mention of his new relationship, telling festival-goers: 'I am not seeing anyone at the moment. I'm 100 per cent single.
'I'm working a lot at the moment, so dating and watching TV are the last things I have time for.'
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