The British actor dated the catwalk beauty for 18 months until they parted ways in November (11).
However, the former couple is said to be giving the relationship another try after Smith was spotted at Lowe's 23rd birthday party in London last week (end29Jan12).
Smith joined Lowe, daughter of rocker Gavin Rossdale, and her friends for a special dinner and they were reportedly spotted getting close during the evening.
A source tells Britain's Daily Mirror, "They looked really cosy and loved up. Daisy looked gorgeous - Matt couldn’t take his eyes off her."
Lowe clearly enjoyed the night, writing on Twitter.com afterwards, "I did have a very happy birthday."