Will Smith and Johnny Depp have a long history together.

A source tells PEOPLE that the actors “have known each other for years” and are “fans of each other” after their appearance at a concert event honoring Andrea Bocelli after a boat trip they took together in Italy.

“They see each other from time to time — both have busy traveling schedules, and Depp spends most of his time in the U.K.,” claims an insider.

The insider goes on to say of Depp, 61, and Smith, 55, “the two men are in the south of France at the same time, as most of Europe [is] at the moment,” and that “they both share a passion for music outside of their acting careers.”

Recently, Depp and Smith spent some time together on a yacht while traveling through Europe with Egyptian musician Ahmed Saad.

On Tuesday, July 12, Saad stood between the two actor-musicians and grinned broadly in an Instagram snap. Another picture of the three of them smiling with a larger group on board was also posted.

“It’s wonderful to get together with friends.” Saad, 42, captioned the photo, “Thanks my friends for the lovely visit @johnnydepp @willsmith @ismailmansour1 #AhmedSaad #jonnydepp #willsmith.”

According to a source who spoke to PEOPLE, Depp and the Emancipation star were “together en route to the Andrea Bocelli concert they’re both performing at.”

In a video that Smith released at the time, the Pirates of the Caribbean star and Smith were seen embracing and chatting amicably during the opening night of the Red Sea International Film Festival in Saudi Arabia last October, according to TMZ.

On Wednesday, July 17, Smith and Depp were among a number of celebrities that attended Bocelli’s three-day musical event at the Teatro del Silenzio in Lajatico, Italy, to commemorate the singer’s career.

“They had a great time, also hanging out with Ed Sheeran,” the source said.

Smith, with just a piano and blue lights behind him, performed a spoken-word version of the iconic 1940s show ballad “You’ll Never Walk Alone,” as his contribution. The Oscar winner was seen reading the lines out loud while wearing a gray suit in a video that was uploaded to Bocelli’s Instagram Story.

In remembrance of his late buddy Jeff Beck, Depp also went out on Wednesday night to sing “En Aranjuez Con Tu Amor,” backing 65-year-old Bocelli on guitar.

Sheeran (who sang “Perfect Symphony” alongside Bocelli), Shania Twain, Russell Crowe, Laura Pausini, Nadine Sierra, Jon Batiste, and Brian May are among the other special guest performers that have played during the weekend or will do so on Friday, July 19.