The former 'Baywatch' star - who was also previously married to Tommy Lee and Kid Rock - is reportedly getting close with her former lover after they ended their three-month marriage in 2008.
A close friend claimed neither of the couple are in any rush to re-tie the knot but revealed their relationship is "more comfortable" than it was before.
The insider told the Daily Star Sunday newspaper: "It's a much more comfortable relationship than they had when they were married.
"Neither of them feels any pressure this time around."
The 46-year-old star and the poker pro even recently escaped to Las Vegas - the scene of their wedding.
It is said Pamela thinks Rick - who famously appeared in a 2003 sex tape with then-girlfriend Paris Hilton - is the "hottest guy" she's ever met.
The source added: "She says he's the hottest guy she's ever known - and that includes Tommy, with whom she made her own infamous internet sex tape."
Despite her kind words, recently Pamela admitted she struggles to pay herself as many compliments, insisting she isn't "beautiful".
She previously insisted: "I don't know if I ever really felt beautiful. I always feel like I don't - I don't, really.
"I don't know if it's because I'm so hot, but they definitely try to tone down my sex appeal. I think it's time, though - you know, you grow up and you change your look.
"I feel different from how I did in my Playboy days. Now, I think I'm in charge of toning down my look or not. I feel like as I'm getting older, this is my version of toned down. I like it."