According to BET, anonymous sources from both J.Lo and Diddy's camps have shed some light on the reports.
Diddy's source told BET that Jennifer is "the love of his life" and his "fantasy girl," but the source fears that the reunion will end badly for Diddy, who was already dumped at the time when he "needed Jennifer the most."
The source allegedly also admits that the public shouldn't be surprised if Lopez and Combs walk a red carpet together sometime in the not-so-distant future.
Lopez, 42, and Combs, 41, shared a high-profile, two-and-a-half year relationship in the '90s, which ended shortly after Diddy was put on trial for weapons charges after a 1999 shooting at a New York City night club.
Diddy was later acquitted of the charges, but the stress of the trial proved too much for the relationship to withstand.
The source from Jen's side put in her two cents saying, "Puff wouldn't be my first choice for her, but then again he was always very supportive of her sex symbol image and never got mad when she wore sexy clothes. He actually encouraged it."
There have also been eye witness reports that the exes were spotted together in New York City this week.
Watch Jennifer Lopez's 'If You Had My Love' Video