Earlier in the week there was a lot of speculation about record-setting Olympian swimmer Michael Phelps’ love life. The buff athlete graces the cover of Sports Illustrated and stands to earn millions in endorsement deals. He’s one of the hottest commodities around, but fellow American Olympic swimmer and Playboy model Amanda Beard denied hooking up with him, saying “Ewww, that’s nasty” when she was asked about it. British model Lily Donaldson hasn’t commented on a rumored romance with Phelps, but there’s at least one lovely Olympian who didn’t pass up a chance with the 6′4″ powerhouse.

Phelps, 23, was spotted making out with Australian three-time Olympic gold-winning swimmer Stephanie Rice, 20, at a party on Monday:

Phelps, fresh from shattering Mark Spitz’s 36-year-old record, was spotted Monday night in a hot make-out session with Down Under swimmer Stephanie Rice, a source tells The Post’s Clemente Lisi and Luke Dennehy. The pumped-up pair clinched and swapped spit at a celebratory bash outside the Olympic Village.

The Baltimore Bullet swooped in for the lip-lock with the 20-year-old brunette just weeks after she split from Aussie swimmer Eamon Sullivan. “All the swimmers are talking about it, and [Sullivan] is cut up about what happened,” the source said.

The day after the face-sucking frolics, Phelps and Rice cheekily posed together for Speedo - laughing and playfully groping each other as a photographer snapped them in their swimsuits. “I definitely admire him for his athletic ability and everything he’s achieved,” gushed Rice, who won three gold medals of her own. “I’m just really glad to be in the mix with that.”

Whether the dynamic duo is now a couple isn’t known. Phelps’ rep didn’t return our calls.

[From The NY Post]

I know these two are young and this may not last for them, but could you imagine what great athletes their kids would be? Rice has a couple of world records under her belt too.

Once the Olympics come to an end on Sunday Phelps will have a great new place to relax and entertain the women that are sure to flock to him. He’s purchased a $1.69 million dollar condo on the river in his hometown of Baltimore, Maryland. He can surely afford a much bigger mansion, though. US Weekly reports that his lifetime earnings are estimated to come in around $100 million and that he already has endorsement deals with PowerBar, Omega, AT&T Wireless, Visa, Speedo, and Kelloggs.

Here’s Stephanie Rice winning the gold medal in the 200M individual Medley on 8/13/08. Credit: Insidefoto / PR Photos