The twosome, who were introduced by their mutual friend Diddy, have apparently shown the music mogul their appreciation by buying him a white Cadillac Escalade for his 45th birthday.
Diddy was clearly touched by the apparent and took to Twitter to thank the pair.
"I HAVE A PEARL WHITE ESCALADE NOW!!! THANK YOU @frenchmontana @khloekardashian#DIDDYBDAYPARTY #DIDDYBDAYPARTYLIVE," Diddy tweeted during his birthday celebrations on Tuesday.
He also posted a video of himself and French posing with champagne in the luxurious vehicle.
Khloe and French's joint present to Diddy has fuelled speculation that they've reconciled.
The pair dated for around eight months before splitting in September, but remained on friendly terms.
Rapper French, 29, who appeared on will.i.am's single 'Feelin' Myself', hinted that their romance could be back on in a recent interview.
"She's my baby forever," he told Us Weekly. "She's good. She's the best. There's no bad blood with her. I love how she is. She inspires me as a person."
"We just have that special relationship. Right now we're in a special zone... You never know, we might be together. We might not."
Khloe, 30, filed for divorce from ex-husband Lamar Odom in December 2013.
She recently confirmed that her mother Kris Jenner is dating music manager Corey Gamble, but insisted that she was still single when quizzed about her own love life.