The rumored couple was spotted in Venice, Italy, on Monday during the 2019 Venice Film Festival, where Qualley premiered her flick, Seberg.
The pair looked happy holding hands and grinning on their Italian stroll, with Qualley, 24, sporting a tea-length day dress and white heeled sandals. Meanwhile, 25-year-old Davidson kept it casual for the outing, wearing a graphic T-shirt, basketball shorts, a baseball cap and sneakers.
The recent sighting between the pair comes after they were seen exiting a Venice hotel together.
Rumors of a romance between the Saturday Night Live comedian and Qualley, who recently starred in Once Upon a Time in Hollywood, began last week and culminated with Davidson's attendance at Qualley's Venice premiere. At the event Qualley sat next to her co-star, Anthony Mackie, but Davidson was seen sitting directly behind his rumored girlfriend.
Qualley, who is actress Andi McDowell's daughter, has previously been linked to musician Nat Wolff and director Cary Fukunaga. As for Davidson's past relationships, the comedian was last paired with Kate Beckinsale, though a source previously told ET that they "are still friends but are not on romantic terms."
Prior to his time with Beckinsale, Davidson got engaged to Ariana Grande after less than a month a dating, before calling it off just a few months later.