New York, New York - Taylor Swift and Matty Healy have sparked reconciliation rumors, but is there any truth to the story?

Fans were sent into a frenzy after reports began circulating that Taylor Swift (33) and her ex Matty Healy (34) are giving their love another shot.

On Wednesday, The Sun reported that Swift and The 1975 frontman were reconciling after they called it quits last month.

"There is just something electric between them, and they seem to have overcome it all quite quickly and decided they definitely want to make it work at all costs," a source told the outlet.

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"They're arranging time together in between tour dates and talking all the time," the insider continued. "He's utterly smitten, and it seems to be mutual."

"It sounds as though there may have been some issues behind the scenes, but he's made changes to fix them."

Sounds like a real romantic comeback...or maybe not?

Another insider told PEOPLE that Swift and Healy are not back together and don't even keep in touch.

"They are absolutely not together and aren't even in contact anymore. She is enjoying being single and has been spending time in the studio and hanging out with friends in New York City. This is all B.S.," the source said.

"It's complete nonsense," another source close to The 1975 added.

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First reports of a romance between Swift and Healy arose at the beginning of May after the Bad Blood performer separated from her boyfriend of six years, Joe Alwyn (32).

There were even hints that Swift and Healy wanted to move in together before the news of their breakup after just a month of dating.

Neither Swift nor Healy has responded to rumors of a possible reunion.