Swift, 29, and Perry, 34, celebrated their truce Tuesday on Instagram after years of bad blood.
Perry shared a photo of a plate of chocolate chip cookies with "Peace at last" written out in red icing. She tagged "Let's Be Friends" as the location.
"feels good," the star captioned the post, adding a orange heart emoji. "@taylorswift."
Swift responded with 13 heart emojis in the comments. In addition, friends and fans voiced their happiness and hopes for a collaboration between the singers.
"So does this mean a collab is coming?!" the Radio Disney account wrote.
"I forgive her and I'm sorry for anything I ever did, and I hope the same from her," the star said. "There are bigger fish to fry, and there are real problems in the world."
"I love her, and I want the best for her," she added. "I think that, you know, if we, both her and I, can be representatives of strong women that come together despite their differences, I think the whole wold is going to be like, 'Yeah, well we can do this.'"