According to newspaper reports at the weekend the Belfast girl has caught the eye of Kershaw, who is the owner of the Irish A1 Grand Prix team.
Mark, who also works with his father in their multi-million euro Clondalkin-based business, Manvik, previously dated another Belfast blonde, Lisa Harrison.
Kershaw was engaged to Lisa but their wedding was cancelled following an on-off relationship.
According to the Irish Mail on Sunday, Gemma — who stood as a candidate in a Yorkshire by-election, claiming she wanted to put glamour back into politics — enjoyed a date with Kershaw in Dublin’s last week.
It was also alleged that she has been secretly dating him for weeks.
But sources close to the Belfast beauty queen said she was not going out with the Dubliner and that they were just friends.
A close friend said: “Gemma met Mark at Silverstone when she was the face of Formula One Santander British Grand Prix.
“He contacted her afterwards and said if she was ever in Dublin to give him a shout.
“It was a kind of drop-by. She did meet him for a few drinks, but it was all very casual and a friend of hers came along too.
“She is not dating him and says she is far too busy with work commitments at the moment to be involved with anyone.”
Gemma (27) has previously been linked romantically with comic Russell Brand and Manchester City footballer Shaun Wright-Phillips.