Fans have been dreaming of a collaboration between the pair since they went public with their relationship last year.
And while we think it would be an AMAZING thing if the pair hooked up lyrically, sadly it doesn't look like it's going to happen anytime soon...
According to The Sun, Calvin has refused to mix business with pleasure after working with ex-girlfriend Rita Ora.
When they split in June 2014 after a year of dating, the Scottish DJ is said to have stopped her from releasing the tracks they had worked on together.
He even withdrew permission for Rita, now 25, to perform the single 'I Will Never Let You Down' at the Teen Choice Awards claiming he had a "damn good reason".
The newspaper claims Calvin's team had initially suggested he work with 'Shake It Off' star Taylor, but he is now in talks with Beyoncé.
Well, we suppose that would be pretty awesome, too!
A source says: "Calvin's next single is ready but the label is keen for him to get a big female US star to collaborate on it. They know he attracts amazing names because everyone wants to work with him.
"They floated the idea of him working with Taylor but he politely declined it. Calvin has seen how sour things can turn when working with someone he's dating. He is very serious about Taylor and doesn't want to rock the boat. He's smitten.
"Instead, he is in talks with Beyoncé as he's always wanted the pair to work together. She is a big fan. He loved her feature on NAUGHTY BOY's dance single 'Runnin' (Lose It All)' last year."
Taylor, 26, and Calvin, 32 - who has worked with the likes of Cheryl Fernandez-Versini, Ellie Goulding and Rihanna - were named the world's highest paid celebrity couple last year.
De-throning Beyoncé and Jay-Z, they have combined earnings of $146 million according to Forbes.
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