"She is very excited to share it with her fans," a source tells PEOPLE of the upcoming new album from Taylor Swift, who may appear at Sunday's VMAs

Taylor Swift Is Not Performing at the VMAs but Is 'Ready to Come Out of Hiding' and May Make an Appearance: Source

Taylor Swift could be in attendance at Sunday’s 2017 MTV Video Music Awards.

A source close to the “Look What You Made Me Do” singer, 27, hints to PEOPLE that she may be hitting up the ceremony in Inglewood, California — where Swift and Zayn Malik are up for the best collaboration award for their song “I Don’t Wanna Live Forever (Fifty Shades Darker).”

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“Taylor is very excited about her new album,” says the source. “This has been her life for the past months. She is very excited to share it with her fans. She is also ready to come out of hiding.”

If she does end up attending, the VMAs would be Swift’s first awards show appearance since the CMA Awards in November, where she presented Garth Brooks with the entertainer of the year award.

RELATED VIDEO: Taylor Swift Releases New Single “Look What You Made Me Do” – All the Details

The music video for “Look What You Made Me Do” — the newly released single off her forthcoming sixth studio album, Reputation — will debut during Sunday’s VMAs.

Swift gave a sneak peek of the video Friday on Good Morning America hours after releasing the song, which is her first solo single in three years.

She and Malik are up against five other nominees in their VMAs category, including one for the song “Feels” by Swift’s ex-boyfriend Calvin Harris featuring Pharrell Williams, Big Sean and Katy Perry (who will also host).

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Following the release of “Look What You Made Me Do” and its accompanying lyric video, rumors circulated that the country-turned-pop songstress would be taking the stage at Sunday’s awards show. But VMAs executive producer Jesse Ignjatovic set the record straight.