AceShowbiz - Pete Davidson is hoping to repair his strained friendship with former "Saturday Night Live" co-star Colin Jost. Known for his quirky humor and high-profile relationships, the "Bupkis" star recently extended an olive branch in the form of a $20,000 Cartier watch.

The luxurious timepiece was handed over shortly after Davidson's stint in rehab last summer. This grand gesture follows a turbulent period marked by a fallout that left their decade-long friendship hanging by a thread.

A source close to the comedians revealed, "This gift was a positive gesture that Pete made to Colin just after he got out of rehab."

Rumors of their rift have long circulated, with whispers that the tension between the duo had gotten so severe that Jost allegedly refused to be at "SNL" studio at the same time as Davidson.

While the exact details of what led to their falling out remain unclear, the insider added, "Pete and Colin can't be in 30 Rock [SNL filming location] together. Something big happened, and Colin is now refusing to be in the same building, let alone the same room as Pete."

The breakdown of their friendship also impacted their ambitious business project: the purchase of a decommissioned Staten Island ferry. In a bit of self-deprecating humor, Jost once quipped, "Is it worse that I was actually stone-cold sober when we bought the ferry?"

Davidson and Jost, both Staten Island natives, had plans to transform the vessel into a live entertainment space. However, their deteriorating relationship cast doubts on the future of the investment.

Despite the strained relationship, both were seen attending "SNL" 50th Anniversary special. Though they did not appear on-screen together, the pair exchanged a brief handshake and a few words during the episode's traditional sendoff although Davidson was notably absent from the afterparty.

Since their rift, Jost has been more vocal about the ferry purchase, even admitting to People that it was "absolutely the dumbest and least thought-through purchase I've ever made in my life." Plans for the ferry remain uncertain, despite being showcased at Tommy Hilfiger's New York Fashion Week show.

Davidson's friends are hopeful this olive branch could be the first step towards fully repairing their friendship. Whether the Cartier watch acts as a quick fix or a stepping stone to more meaningful reconciliation remains to be seen, but fans of the duo are certainly rooting for a happier, collaborative future.