Paltrow, 38, has recently revealed she hosted a private dinner party for the 21-year-old and her rumoured boyfriend Jake Gyllenhaal, 30, at her London home.
And now it seems Paltrow has struck up a close friendship with the Mine singer.
A source told Popeater.com: 'Taylor loves her brother Austin, who is two years younger than her, but she has always wanted an sister and has fell in love with Gwyneth.
'She met Gwyneth through her musician husband, Chris Martin, and has formed a great friendship.' The close insider added: 'They email and call each other all the time. They talk a lot about music, performing and acting but they also talk about normal stuff like boys and dates.'