The development came three years after her highly-publicised split from then-husband Rupert Sanders, who was caught on camera cosying up to actress Kristen Stewart, reported Us magazine.
Ross, 36, was linked to Iovine, 62, after she filed for divorce from Sanders.
Iovine previously helped Ross find a PR expert to handle media circuses after he was contacted by her brother, Oscar-winning composer Atticus, when the Sanders-Stewart scandal hit headlines.
Ross shares two children with Sanders, who directed "Snow White and the Huntsman", where Stewart played the heroine and Ross had a small role as her mother. Meanwhile, Iovine has four children from his previous marriage to Vicki McCarty.
The actress initially reconciled with Pattinson but they eventually split as their movie franchise ended.