“They have a flirty friendship but aren’t dating or in a relationship,” a source tells PEOPLE exclusively. “Paris is 19 years old and living her life. She has no plans to settle down any time soon.”
Earlier this week, Jackson—who hasn’t publicly spoken about her sexuality—and Delevingne, 25, spurred romance rumors after sharing snaps of themselves on social media watching Carol together.
Jackson also posted a photo of Delevingne on her own Instagram account, simply captioning it “a r t.”
Want to keep up on the latest from PEOPLE? Sign
up for our daily newsletter to get our best stories of the day delivered straight to your inbox.
In photos obtained by Daily Mail, the duo—who reportedly hit it off at the MTV Movie Awards last May—are seen kissing, hugging and dancing alongside Macaulay Culkin (who’s Jackson’s godfather) and his girlfriend Brenda Song outside an L.A. restaurant.
The models were also photographed holding hands last month while out with friends in London.