The Smashing Pumpkins rocker - who has been romantically linked to the 29-year-old singer-and actress since he helped her on the theme song for her latest TV series 'The Price of Beauty' - refuses to be drawn on gossip they were dating but thinks she is worth his affections.
He told Rolling Stone magazine: "If I go, 'Oh, we're just friends,' then it's like, 'Did they go out, did he dump her or she dump him, what happened?' It has nothing to do with any of that. Sometimes people just like being around each other, and good things come out of that.
"My goal in life is to love whoever I think is worth loving, and I think if people knew her like I knew her, they would love her like I do. It's really simple."
The 'Today' singer recently described the media storm surrounding his relationship with Jessica as "like being in a cartoon".
The musician said: "The stuff that I've seen doesn't have any bearing to the reality that I'm in. It's like being in a cartoon. It has nothing to do with what's really going on or how I feel."
Reports of Billy and Jessica dating first surfaced in November last year.