A source tells PEOPLE that the two actors “have known each other for years” and “see each other from time to time”

Ben Kriemann/WireImage; Daniele Venturelli/Getty Will Smith; Johnny Depp© Provided by People

Johnny Depp and Will Smith go way back.

Amid the pair’s appearance at an Andrea Bocelli-honoring concert event following a yacht outing together in Italy, a source tells PEOPLE that the actors “have known each other for years” and are “fans of each other.”

“They see each other from time to time — both have busy traveling schedules, and Depp spends most of his time in the U.K.,” says the insider.”The two men are in the south of France at the same time, as most of Europe [is] at the moment,” the source continues of Depp, 61, and Smith, 55, adding that “they both share a passion for music outside of their acting careers.”

Depp and Smith recently enjoyed some downtime together during their trip to Europe, on a yacht with Egyptian singer Ahmed Saad.

In a photo shared on Instagram on Tuesday, July 12, Saad smiled from ear to ear while standing between the two actor-musicians. The post also included an additional image of the trio posing with a larger group on board.

“Great feeling to gather with friends Thanks my friends for the lovely visit @johnnydepp @willsmith @ismailmansour1 #AhmedSaad #jonnydepp #willsmith,” wrote Saad, 42, in the caption.

A source told PEOPLE that Depp and the Emancipation actor were “together en route to the Andrea Bocelli concert they’re both performing at.”

Both Smith and the Pirates of the Caribbean star were also present last fall during the opening night of the Red Sea International Film Festival in Saudi Arabia, where they shared a friendly embrace and chat as seen in footage Smith posted at the time, per TMZ.

Andrea Bocelli/Instagram Johnny Depp and Will Smith© Provided by People

Smith and Depp were among several celebrities who helped celebrate Bocelli’s career as part of the singer’s three-day concert event at the Teatro del Silenzio in Lajatico, Italy, on Wednesday, July 17.

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

For his part, Smith did a spoken-word rendition of the classic 1940s show tune “You’ll Never Walk Alone,” while backed by only a piano and a blue light behind him. In a video posted to Bocelli’s Instagram Story, the Oscar winner could be seen in a gray suit, as he read the lyrics aloud.

As for Depp, he also stepped out on Wednesday night for a performance of “En Aranjuez Con Tu Amor,” in which he backed Bocelli, 65, on guitar in honor of late friend Jeff Beck.

Other special guest performers during the weekend have included — or will include on its final day of Friday, July 19 — Sheeran (who performed “Perfect Symphony” with Bocelli), Shania Twain, Russell Crowe, Laura Pausini, Nadine Sierra, Jon Batiste and Brian May.