Banks, 38, has been seeing international male model Robert Evans, 24, for about a month, RadarOnline reported Thursday.
Evans will sit alongside Top Model judges Banks and Kelly Cutrone and serve as the third regular member of the show's nineteenth-season judging panel. In addition to Evans' participation, stylist Johnny Wujek will serve as the reality competition's new creative consultant.
Evans and Wujek will replace fashion photographer Nigel Barker, runway coach Miss J. Alexander and photo shoot director Jay Manuel -- who were all axed from Top Model in April -- onAmerica's Next Top Model: College Edition, which The CW has just announced will premiere on Friday, August 24 at 8PM ET/PT.
The threesome were let go as part of an effort to revamp Top Model, which recently concluded its eighteenth edition and was once The CW's top-rated series but has seen significant ratings erosion in recent seasons.
The upcoming College Edition will feature a twist in which all the contestants will be participating in some type of program to further their educations and home viewers can take part in the show's elimination process by voting for their favorites and helping the judges determine who will be sent home each episode.