Will Taylor Swift and Joe Alwyn get engaged soon? After decoding Swift's lyrics for "Call It What You Want" fans are wondering if the blond beauty is ready to take the next step in her relationship.

Swift released the lyric video to "Call It What You Want" on Thursday. And the song appears to address her recent public hiatus and her relationship with the new Prada model. "My baby's fly like a jet stream," she sings in part. "High above the whole scene/Loves me like I'm brand new."

HOW TAYLOR SWIFT PAID TRIBUTE TO THE LAS VEGAS SHOOTING VICTIMS ...

The lyrics are the latest sign that Swift and Alwyn are heating up. A source told Us Weekly that Swift and Alwyn are "very much in love." The stars were first linked in May, when Swift was in the middle of her hiatus. While Swift has since returned to the public eye with some new music, she is not ready to flaunt her new romance.

"They have quite a low-key relationship, which Taylor likes," the Us source continued. "It’s very normal, and no one really knows about it right now. They just work out, watch movies together and invite friends over. Taylor loves to cook and bake for him. They are still taking it slow."

Joe Alwyn Joe Alwyn and Taylor Swift have tried to keep their relationship away from the cameras (Photo: Splash News).

After a string of highly publicized romances ended in heartbreak, Swift decided to keep her romance with Alwyn as private as possible. She made some secret trips to visit him in England and even wore disguises so she wouldn't be recognized.

But Swift hasn't been able to completely avoid media coverage. Back in June, they were spotted grabbing coffee together in Nashville. The following month, they covered their faces with hoodies while walking to an NYC gym.

CLICK HERE FOR MORE ON TAYLOR AND JOE'S RELATIONSHIP ...

In fact, "Call It What You Want" may not be Swift's only song about her new man. Swifties debated whether her track "Ready For It," which describes a younger boyfriend, was about Alwyn or Swift's ex, Harry Styles.

Swift's track "Gorgeous," is more obviously about Alwyn. The track includes apparent references to his "ocean blue eyes" and his British accent. Swift even reportedly admitted to fans during a listening session that Alwyn was the inspiration for the song.

Joe Alwyn Prada Joe Alwyn stars in a new campaign for Prada.

Based on the lyrics to "Gorgeous," it's clear Swift is in love with Alwyn. She sings on the track, "You’re so gorgeous/ I can’t say anything to your face/ ‘Cause look at your face/ And I’m so furious/ At you for making me feel this way/ But what can I say?/ You’re gorgeous."

DO TAYLOR AND CALVIN STILL HATE EACH OTHER? UPDATE ...

"[Alwyn] is very happy about spending time at home with Taylor," a source told People. "They seem to be on the same page. Joe is getting to know Taylor’s parents and everyone likes him. He is very supportive of her work."

Do you think Taylor Swift and Joe Alwyn make a cute couple? Let us know your take in the comments section below!