One of the lyrics says: "Remember when we made a f***in' album off that Clicquot?" which is of course a French Champagne, hinting Ariana had had a few glasses of bubbly when recording one of her albums.
Many took the line as Ariana's way of coming out as bisexual.
We're holding out hope for the former!
Victoria, who came out as bisexual previous year, replied to a fan comment on Instagram that said, "IS SHE BI OR NAH (sic)". But the singer is responding that she eschews labels. Before "Monopoly" dropped, many speculated the 25-year-old star's sexuality after lyrics leaked on the site Genius.
"After coming out, this thanksgiving coulda went waaaay left!" She then additionally liked fans' tweets about sexuality being fluid.
After working together on hits including "thank u, next" and "7 rings", the best friends show off their tight bond in the accompanying video for their friendship anthem.
Monopoly is just one of Grande and Monet's recent collaborations. Victoria had also been part of Grande's First Wives Club-themed performance of 'Thank U, Next' on Ellen Degeneres' talk show in November past year. They were engaged less than two months later.