The rumored couple went for a walk in SoHo, both donning a white top with stripped blue bottoms and white sneakers.
Lori was visibly happy, smiling wide and laughing during their outing together. She had her hair pulled back and paired her off-the-shoulder top with a gold necklace.
Reps for both Combs and Lori did not immediately respond to PEOPLE’s request for comment.
The romance rumors come nine months after Combs, 49, officially announced his split from longtime girlfriend Cassie Ventura.
The former couple first went public with their relationship in 2012, after they met in the early ’00s when she was signed to his Bad Boy Records label. They were initially linked back in 2007 and collaborated several times together, including on his 2008 tune “Swagga Like Puff” and her 2009 song “Must Be Love.”
Reps for the stars had no comment at the time of their split, but a source told PEOPLE, “the decision was amicable and they remain friends.”
Just last month, Combs congratulated Ventura, 32, on her pregnancy with boyfriend Alex Fine, sharing a sweet tribute to the couple on Instagram.
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“Congratulations @Cassie and Alex. I wish you all nothing but love and happiness,” he wrote on Instagram alongside a photo of Cassie cuddling with her man. “God bless ❤️❤️❤️ L O V E.”
Combs is a father to three sons — Quincy, 28, Christian Casey, 21, and Justin Dior, 25, and three daughters, Chance, 13, D’Lila Star and Jessie James, both 12 — from previous relationships.