Nordegren,who divorced Woods in August last year after a series of scandals involving multiple women, has been dating Dingman,the son of billionaire Michael Dingman,for months,sources said.
Dingman also headed a failed bid to buy Volvo from Ford Motor Co. His father is a longtime board member of Ford.
The charming bachelor previously has dated actress Bridget Moynahan, the mother of Patriots quarterback Tom Brady's baby. He was linked last year to Princess Madeleine of Sweden, but sources said they were just friends.
He splits his time between China and the Bahamas and recently spent time with Nordegren in Florida and Sweden.
The Swedish press reported this week that Nordegren was having a cozy rendezvous with her then-unidentified lover at her luxury apartment in Stockholm. They were spotted outside her home Tuesday, where her two children with Woods, Sam, 4, and Charlie, 2, are spending the summer.
Friends say Dingman and Nordegren met at the Red Cross Ball in Florida last January attended by Princess Madeleine.
"He's never been so happy. He and Elin have strong feelings for each other," a friend said. "He's a classic all-American guy. He's handsome, a total gentleman and low-key. He's never been in the press. Elin's a very lucky girl; he's a great guy but very private."