Olivia Palermo wears “Grey Bikini” while sunning herself on luxurious yacht in Formentera

It is currently scorching in Spain at the moment as summer is in full swing.

But Olivia Palermo was raising temperatures even more over the weekend when she slipped into a grey strapless bikini.

Scroll down to see more pictures . . . .

Skinny-mini: Olivia Palermo showed off her slim figure in a tiny grey bikini while sunning herself yesterday on Italian designer Valentino's luxurious yacht in Formentera, Spain

Skinny-mini: Olivia Palermo showed off her slim figure in a tiny grey bikini while sunning herself yesterday on Italian designer Valentino's luxurious yacht in Formentera, Spain

The 26-year-old New York socialite showed off her slim figure in the tiny swimsuit while sunning herself with boyfriend Johannes Huebl on Valentino Garavani's luxurious yacht yesterday in Formentera.

'I’m enjoying a little vacation time!' she posted last week on her official website.

Olivia and the 30-something German model, also known as 'Joe Hotness,' have been together for four years and their relationship is clearly still going strong.

Dimpled socialite: The former star of MTV’s The City looked tanned and toned in her grey two-piece with a bandeau top

Hydrating: The Wilhelmina model was spotted on the 80-year-old designer's fancy boat sipping on Evian bottled water, rather than the nearby can of Coca-Cola

Side-by-side: Olivia and boyfriend Johannes Huebl, also known as 'Joe Hotness,' have been together for four years and their relationship is clearly still going strong

Model couple: Palermo and the 30-something German model have even mixed business with pleasure, having appeared in the autumn/winter 2010 campaigns for Tibi and Hogan together

The loved-up pair looked relaxed and happy as they lay side by side on the 80-year-old Italian fashion designer's fancy boat sipping on Evian bottled water.

Johannes stripped off his pink button-up shirt once on the boat and stayed cool in a blue baseball cap, white t-shirt, and black swim trunks.

It helps to have friends in high places, and the Wilhelmina Model obviously has an 'in' with Valentino, having sat front row at his haute-couture show at Paris Fashion week just last month.

Fashion maven: Despite her consistently designer lifestyle, Olivia recently revealed that she's not a 'desperate fashionista' since she always 'plays it safe'

Palermo and Huebl have even mixed business with pleasure, having appeared in the autumn/winter 2010 campaigns for Tibi and Hogan together.

While on the yacht, the couple was joined by about four friends, including a distinguished grey-haired gentleman who snapped pictures of the brunette beauty after she had changed into a colourful shoulder-bearing dress.

'I confess -- I'm not that desperate fashionista. In the sense that I have always, as they say, played it safe -- cautious,' Palermo said in the August issue of Tatler.

Model behaviour: Olivia was joined by about four friends, including a distinguished grey-haired gentleman who snapped pictures of the brunette beauty

Spanish holiday: The New Yorker posted this picture of herself in a Free People dress  last week to her official website and said she was enjoying herself on holiday

The former jewellery designer said she was 'very glad' to be the brand ambassador for Carrera y Carrera because the accessories are 'the cherry on the cake anyway.'

In the Santiago Esteban-shot magazine spread the fashion maven dazzles in pieces by Elie Saab, John Galliano, Marni, Paco Rabanne, Miu Miu, Giorgio Armani, and more.

Aside from appearing on glamorous magazine covers like Elle Mexico, ASOS Magazine, Shop Til You Drop, and Marie Claire UK, Olivia has also served as guest judge on Project Runway, as well as Britain and Ireland's Next Top Model.

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