The 24-year-old actress and the Saturday Night Live cast member were seen exiting a hotel together in Venice, Italy, during the city's famed film festival over the weekend.
The Once Upon a Time in Hollywood star wore a black tuxedo jacket as a dress, which she paired with silver, strappy heels for the night out. By her side, 25-year-old Davidson chose sweats and a blue, button-up polo for the apparent rendezvous.
Last week, rumors first began to percolate that a fledgling romance could be taking shape between the pair of rising stars.
Then, on Friday, they added gasoline to fire by sitting close together at the premiere of Qualley's new film, Seberg. Although co-star Anthony Mackie sat beside her, Davidson was directly behind her, smiling and cheering when she stood to be recognized.
Qualley, the daughter of actress Andi McDowell, has previously been linked with Nat Wolff, as well as director Cary Fukunaga.