By Kat Giantis
The exes, whose brief coupling fizzled out shortly before New Year's, apparently had a heart-to-heart during Vanity Fair's post-Oscar bash Sunday at the Sunset Tower Hotel in Los Angeles.
So, what did they chat about while hanging outside the restrooms, besides (we're guessing) how out of sorts co-host James Franco was onstage?
"It seemed a bit more serious -- it certainly wasn't a 'Hi, how are you?' talk," a big-eared spy tells People. "It seemed like they were catching up, sorting something out."
(Our dream version of the conversation: "Come on, Taylor, it's just one little confidentiality agreement promising you won't write a song using any of the following words: coffee, apples, ice cream, Hollywood, Brooklyn, dreamy blue eyes, Jake or Gyllenhaal. What's the big deal?")
Meanwhile, the Washington Post sets the scene by noting that the formerly tabloid-topping pair was huddled together "under the forlorn gaze of a portrait of Greta Garbo," and the actor spouted expressions involving "care" and "feel."
RELATED: Did Jake dump Taylor over the phone?
According to the New York Post, Jake, 30, and Taylor, 21, had trouble making eye contact and stayed a foot away from one another while talking.
"It was a serious conversation," relays an observer, with another adding, "There were handlers and security all around them trying to keep everybody away."
After the confab, Gyllenhaal, who attended the shindig with a young, curly-haired brunette (via Us), made a beeline for the exit, while Swift stuck close to her galpals, says People.
Perhaps Taylor was just eager to check her messages to see if she'd received a note from "Glee" pretty boy Chord Overstreet, whom she's been spotted with several times over the last few weeks.
"They are dating," an insider tells E! Online. "It's in the early stages so who knows, but they seem to be into each other."
Swift and Overstreet made headlines when they sat side-by-side at a hockey game last Thursday in Los Angeles, and two days later they looked chummy at a pre-Oscar party.
"They spent most of the night talking closely and giggling," an eyewitness tells E! Online. "He would playfully touch her arm, and she couldn't stop smiling. It was cute!!"
And with a name like Chord, just think of the breakup song possibilities …