The reality TV star, 23, and the comic, 38, are said to have hooked up years ago, before Russell moved to the US and got married to pop star Katy Perry.
According to the Sunday Mirror, the former flames are even planning a romantic reunion in Los Angeles before Christmas!
Newly-single Ferne - who split with fellow TOWIE co-star Charlie Sims earlier this year - is said to have "clicked with Russell straight away when they met a few years back".
A source told the newspaper: "They went on quite a few dates. Things only fizzled out when Russell moved to LA and Ferne started to get close to Charlie."
Ferne broke up with Charlie after he was caught kissing someone else on holiday in Ibiza, but she is now said to be consoled by her rekindled contact with Russell.
The source added: "It was after they both found themselves single that they started exchanging messages again."
We hope the reports are true; we think they make a gorgeous couple!
Watch this space...
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