The former enemies revealed their truce earlier this year when Katy appeared in the video for Taylor's 'You Need To Calm Down' and Katy, 34, has revealed that she would jump at the chance to record new music with Taylor, 29, who previously penned 'Bad Blood' about their acrimonious relationship.
Speaking to Roman Kemp on Capital Breakfast, she said: ''I'm open, I'm open [to a collaboration]! You know, one of my favourite songs of hers off of a couple of records past is 'Begin Again'.
''I love... I really like what she's saying in 'The Archer'. I think she's really intelligent, there's lots of layers to her. You know, I get the singles, a lot of people know us from the singles but when you dig deep, there's depth.''
Katy and Taylor ended their long-running feud - which kicked off with Taylor accusing Katy in 2014 of stealing backing dancers from her - last year when Katy sent Taylor an actual olive branch.
Taylor followed it up by asking Katy to be in her music video, which Katy agreed to, only if they could spend some time together first repairing their relationship.
Taylor told US Vogue: ''She wrote back, 'This makes me so emotional. I'm so up for this. I want us to be that example. But let's spend some time together. Because I want it to be real'. So she came over and we talked for hours.''
Taylor also blamed comparisons between them for their feud, explaining: ''It was: 'Who's better? Katy or Taylor? Katy or Taylor? Katy or Taylor? Katy or Taylor?' The tension is so high that it becomes impossible for you to not think that the other person has something against you.''
Tune into Capital Breakfast with Roman Kemp, week days from 6am - 10am across the UK.
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