Music mogul Russell Simmons and actress Shannon Elizabeth have been spotted together a lot lately, sparking rumors that the two are officially dating.

The two stars were spotted earlier this month at two separate Golden Globes afterparties, and on Saturday night they hit the red carpet together again for music producer Clive Davis' pre-Grammy bash looking very comfortable with each other.

According to sources, they were getting pretty close inside.

Last week Simmons, 56, and Elizabeth, 40, were spotted by's cameras as they left a restaurant, and Elizabeth said she was just there for "a business meeting" with the mogul.

Simmons was last linked to German model Hana Nitsche, while Elizabeth had dated her Dancing With The Stars partner Derek Hough.

But the fact that Shannon hasn't had much work since American Pie, and Simmons is worth roughly $325 million, we've come to just one conclusion...