Rumors of a romance between Refaeli, 27, and White, 25, first surfaced in May, when the snowboarder reportedly hit on the Sports Illustrated swimsuit model during a night out at SoHo hotspot Sway in New York City.
That speculation was fueled further during the 2012 London Olympics, when Refaeli and White were sitting behind Debbie Phelps, the mother of record-medal-winning swimmer Michael Phelps, during the men's swimming 4x200 meter relay final, the Daily Mail reported. You can check out the photo of Refaeli and White sitting together here.
Refaeli also tweeted about her experience watching the men compete in swimming, where she expressed her admiration for the athletes.
"I think I've died and reached heaven :)," Refaeli wrote, adding, "I'm not that superficial.. But the bodies on those swimmers @ the olympics .. Ummm... Yea... Speechless." She attached a photo of the swimmers.
The rumors about Refaeli and White started in May, when a story in the New York Post's Page Six linked the model and the snowboarder.
The paper described White and Refaeli as "going for the gold in the canoodle-a-thon," with a Page Six source saying, "they were all over each other. They were dancing, hugging, kissing -- you name it."
Shaun White and Bar Refaeli did not make it a nightcap, however, with Refaeli leaving Sway around 3 a.m. in White's car as the snowboarder remained at the club with two girls described as friends, Page Six reported.
White and his friends drank Jack Daniels, vodka and wine at a VIP table and didn't leave a tip, Page Six's spy said.
"[Sway co-owner] Robin Cofer sent over several bottles, and although [they] were gracious to everyone, they stiffed the wait staff," the source said.
Another source close to White insisted the Olympian "was a guest of the group."
"He's the most generous guy and would never not leave a tip," the source said. "He'd be really upset about that."
White won gold in the men's snowboarding halfpipe events at the 2006 Winter Olympics in Torino. He followed that up with gold at the 2010 games in Vancouver.
Shaun White is also adept at skateboarding, winning gold on the vert at the X Games in 2007 and 2011. He also has two silvers and a bronze in the competition.
Refaeli is known as one of the most beautiful women in the world and is the "hottest" according to the latest Maxim 100.