They certainly looked comfortable together as they attended a basketball game in Los Angeles on Friday, embracing and laughing as they followed the action from the sidelines.
And Penelope, who has just signed up to play Johnny Depp's love interest in Pirates of the Caribbean 4, would have had a chance to catch up with ex-boyfriend and good pal Tom Cruise who was also at the game.
The Minority Report star, who had a three-year relationship with the Spanish beauty, also seemed to be having fun court side with wife Katie Holmes.
At one point the actor jumped up to give a warm hug to singer Chris Brown, as well as reserved a high-five for LA Lakers star Kobe Bryant during a break in play.
Lakers home games are always star-studded affairs and Friday's match was no exception.
Other Hollywood big guns courtside included Leonardo DiCaprio and his Departed co-star – and basketball fanatic – Jack Nicholson, who no doubt relished his teams's 104-96 over the Minnesota Timberwolves.