AceShowbiz -

Taylor Swift and Drake are reportedly working on new music together amid circulating dating rumors. Romance rumors between the pair began swirling after they reportedly got flirty at his birthday party last week.

"They've been in the studio collaborating," a source tells Page Six. According to the source, Taylor did not attend Drake's Virginia Black Halloween party on Sunday, October 30. The source claims that the "Hotline Bling" hitmaker was equally flirty with other women at his Halloween bash.

Another source tells HollywoodLife.com, "Taylor and Drake have been talking about collaborating on a song together for quite some time now. The project was put on the back burner because of their hectic schedules, but now seems like the ideal time for the two to start working together."

"It was actually Drake who first approached Taylor last year when she was on her 1989 World Tour," the source explains, "Likewise, Taylor has always been a fan of Drake's music. She used to joke with Drake that 'Hotline Bling' was her cat Meredith's favorite song. And that she would chase her tail whenever she played it."

"Now it's just a matter of time that the two will hit up the recording studio. This isn't something they want to rush. They want their project to be epic," adds the source.

Reps for Taylor and Drake haven't responded to a request for comment.