The X Factor boss worked with Electra when she joined his show Britain's Got Talent last year (12) as a temporary guest judge and they have since been spotted on numerous outings together.
Cowell fuelled the rumours last month (Dec12) when he called her "adorable" and revealed they are "people who date", but the model/actress is adamant they are nothing more than friends.
When quizzed about her rumoured romance with Cowell at the Golden Globe Awards in Los Angeles on Sunday night (13Jan13), Electra told Etonline.com, "There's a lot of rumours about that. We're really good friends and that's it."
She was then pressed about whether there is any more to the relationship, and she added, "No."