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Meanwhile Mr Penske, who is also the founder of the Dragon Racing Indy Car team, following in the footsteps of his father, was added to Vanity Fair's 2009 New Establishment list, and in 2010 the magazine named him one of the ten best dressed men in the world in their International Best-Dressed List.
Irwin became the first woman to drive the pace car at the Indianapolis 500 in May 2001.
The pair have been spotted making the rounds together at the Sundance Film Festival in Park City, Utah, in the past week, with Penske introducing Irwin as his "fiancee," the paper reports.
Penske, the son of racing mogul Roger Penske, has his own racing team in addition to owning .
"The only thing certain in life is change itself," Irwin told Global at the time.
"Change is good, some would say it is our greatest teacher, and I am embracing it." PHOTOS: Hot rebound romances Irwin and the "Jack and Diane" singer, 61, have two sons together -- Hud, 17 and Speck, 18.