It's the rumor we've all waited months to hear (or at least a bunch of us have): Are Blake Lively and Penn Badgely back together after their breakup last year?

New reports say that working closely together on the Gossip Girl set again this spring has rekindled the flame for the two, who broke up late last year.

The lovebirds had been together for three years prior to the split. The pair was spotted “holding hands” at Coachella this past weekend. Very interesting!

Blake has been linked to Ryan Gosling since splitting with Penn, but there was nothing serious about those rumors. So here's hoping! What a cute couple ...

VINTAGE DERENA: Yes, we know this is Dan and Serena a few seasons back on Gossip Girl, not Penn and Blake. But you have to admit, both couples have serious chemistry!

Steve Marsi is the Managing Editor of TV Fanatic. Follow him on Google+ or email him here.