In the pic, Drake, 30, and Swift, 26, are standing in front of a small crowd. "Is that velvet?" he captioned the snapshot.
The photo was taken during the rapper's birthday bash at L.A.'s Delilah late last month. Other famous attendees included Swift's ex John Mayer, her former pal Katy Perry, Jamie Foxx and French Montana.
Swift's drop-by (with BFF Karlie Kloss) ignited talk on social media that the pair are an item. A source tells Us that the pair are recording in the studio together. (Page Six was first to report the news, but a second source denies it.) Sources also tell Us that they are not dating.
Fans are even more puzzled following Drake's Instagram post though. "Drake posted a picture with Taylor Swift and I have never been so stressed out!!! What IS this?" one commenter tweeted on Friday. A second added: "can someone tell me wtf is up with drake and taylor swift??"
Others are torn about a possible love connection. "I can't live in a world where Drake and Taylor Swift are dating," one person wrote, while another shared, "I'm actually obsessed with drake & taylor swift hanging out."
Us Weekly broke the news in September that the "Wildest Dreams" singer had ended her three-month romance with Tom Hiddleston. Drake, meanwhile, split again from Rihanna just weeks before his party. A source told Us that RiRi, 28, didn't "want to be held down," but was adamant that the pair were never serious.
Drake and Swift have kept mum about all the chatter. However, Drake did mention in 2010 that he would be "down" to collaborate with the pop star.
"Seeing Taylor Swift in person is always fun for me. I bought this Taylor Swift T-shirt the other day that I might wear tonight," he told Extra at the time. "I just have this small little thing with her; I just like her whole being. I'm excited about her career."
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