KATY PERRY has extended an olive branch to TAYLOR SWIFT.
Taylor posted a video on social media, showing a gift that Katy had sent. It's an ACTUAL olive branch, along with a card.
You can only see a portion of the note . . . but it appears to say, quote, "Hey old friend, I've been doing some reflecting on past miscommunications and hurt feelings between us. I really want to clear the air." It goes on to say she's "deeply sorry" about something, but the rest is blocked by the envelope.
In any event, the bad blood between the two is apparently gone, because in the video Taylor said, quote, "This means so much to me."
Taylor and Katy have been beefing for almost five years, after Katy allegedly "stole" dancers from Taylor's 2013 tour. (Which was basically the modern day equivalent of assassinating Archduke Franz Ferdinand.)