The former Disney stars dated for two-and-a-half years before breaking up in 2008 and Miley's single came out in June that year containing lyrics about a lost relationship and a list of ''the 7 things I hate about you'' for the chorus.
Although Miley has never confirmed that the track - co-written by her, Antonina Armato and Tim James and was the first single that she released under her own name as opposed to her fictional alter ego Hannah Montana - was about the former Jonas Brothers star, Nick admits the giveaway for the tune's inspiration is the diabetes dog tag she wears in the video, an item that Nick gave her when they were teenage sweethearts.
However, the 25-year-old hunk is happy that she felt so strongly about their romance - which provided them both with their first kiss - to put her feelings into her music.
The 'Jealous' hitmaker was quizzed about Miley's song in an interview segment on 'The BBC Radio 1 Breakfast Show' with host Nick 'Grimmy' Grimshaw called the 'Heart Rate Monitor'.
Grimmy asked if the song was about him, to which the 'Jumanji: Welcome to the Jungle' actor replied: ''I've heard that rumour, I've never directly heard that from Miley but she does wear a dog tag that I gave her when I was 14 (in the video). I was actually kind of flattered to be honest because it's there forever and I know it's about me.''
The words in the chorus to Miley's hit read: ''The 7 things I hate about you (oh you) / You're vain, your games, you're insecure / You love me, you like her / You make me laugh, you make me cry / I don't know which side to buy / Your friends they're jerks / And when you act like them, just know it hurts / I wanna be with the one I know / And the 7th thing I hate the most that you do / You make me love you.''
Although Miley - who is now engaged to actor Liam Hemsworth - at one point in the past pined for Nick, the famous heartthrob just wants to move on from his exes.
Nick - who also previously dated Olivia Culpo - no longer speaks to Miley because they move in ''different circles'' now but he insists he very much respects her as an artist.
He previously said: ''I don't have a relationship with Miley now really, but that's not because we have any bad blood - we just sort of run in different circles. I love 'Wrecking Ball' so much. I think it's one of the best pop songs of the last 10 years. And you know, she's always been outspoken and authentic to who she is, so it was only a matter of time before she really owned that, and I'm proud of her. ... It's a lot like watching your high school crush do well, just on a bigger scale.''
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