The raven-headed singer believes she and the 'Love Story' hitmaker have "the same mentality" and stay close because they are always "honest" with each other.
She said: "We're the same person sometimes. Even her brother will say, 'Ok, you guys have the same laugh. It's weird. We're just good and honest with each other."
When asked what makes their Friendship so special, 18-year-old Selena said: "The honesty. And having the same mentality of friendship in the business."
Taylor is not the only showbiz friend of Selena's - the 'Magic' singer also reveals she would "do anything" for 16-year-old 'Baby' hitmaker.
She said: "I love him, he's one of my best friends. I would do anything for that kid."
Selena recently revealed she wanted to do a duet with British pop star Cheryl Cole because she was a "massive fan".
She said: "I'm so a massive fan of Cheryl. I want to be her best friend! I love everything about her. She's my role model. It would be my dream to collaborate with her."