The singer's new album "The Tortured Poets Department" dropped Friday ... and her song, "The Alchemy" paints a picture of a blossoming romance with loads of football lingo -- and plenty of her fans are pretty sure it’s a nod to her athlete boo.

Just dive into the lyrics and decide for yourself ... "So when I touch down / Call the amateurs and cut 'em from the team / Ditch the clowns, get the crown / Baby I'm the one to beat."

TS ramps up with lines about being "on a winning streak" and "the greatest in the league" -- which seems to signal her scoring big with Travis. That's how the internet is interpreting it anyway.

She continues to sing ... "Where's the trophy? He just comes, running over to me" ... on its face, that appears to be a shout-out to the Kansas City Chiefs tight end sprinting her way post-Super Bowl win for that victory smooch seen around the world.

Mind you, Taylor hasn't officially said the song's about TK -- also, at one point she seems to hint at an old flame, "Cause the sign on your heart / Said it's still reserved for me" -- so it could be about her fling with Matt Healy or long-term ex, Joe Alwyn. Hard to tell for sure.

In any case ... Taylor's got her fans poring over lyrics trying to decipher it all. If this is a Travis shout-out, he certainly got a loving song -- as opposed to snipes for her exes.