Bündchen wore a brown bikini top and beige skirt, while Valente sported a dark blue T-shirt and army green shorts.
This is not the first time the rumored couple has been spotted spending time together in Costa Rica.
Gisele Bündchen was photographed with rumored boyfriend Joaquim Valente in Costa Rica on Monday. (Backgrid)
GISELE BÜNDCHEN SHOWS TOM BRADY WHAT HE'S MISSING WITH SEXY POLE DANCE
The Sports Illustrated model appears to have addressed the dating rumors in an Instagram post after the latest photos of her and Valente surfaced.
"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth," Bündchen wrote in the caption of a selfie taken in a grassy field with palm trees in the background.
Neither party has directly addressed the speculation about their status as a possible couple.
The suspected relationship dates back to November 2022, when Bündchen and Valente were seen together on an outing with the supermodel’s children with Tom Brady, Benjamin and Vivian.
At the time, a source denied the relationship to Fox News Digital, saying, "None of is true. This is the kids' and Gisele's longtime martial arts teacher. There's no truth to any dating rumors."
Gisele Bündchen split from ex-husband, NFL star Tom Brady, in October 2022. (George Pimentel)
Valente is one of three sons who run the Valente Brothers business in North Miami Beach. He’s originally from Rio de Janiero, and moved to Miami in 2007.
In February 2022, Bündchen shared a video of herself practicing jiu-jitsu and thanking the Valente brothers.
"I feel stronger, more confidence and empowered since I started practicing self-defense. I feel it’s an important skill for all, but specially for us women. Thank you @ValenteBrothers for being awesome teachers and for making training so much fun. I am looking forward to keep improving. Let’s go," she wrote.
Bündchen and Brady announced their divorce in October 2022, after 13 years of marriage.