The pair have been at odds since Rod criticised Elton's big farewell tour announcement in 2018 and the Sailing rocker revealed his former pal had snubbed an invitation for a family soccer game at his house earlier this year (20).
However, according to British newspaper The Sun, the "Rocket Man" singer, 73, is now ready to bury the hatchet and send his former pal a Christmas card - and that he'll make up with his fellow rock veteran the next time they see each other.
"Rod and I have always had this kind of rivalry but it's always been very friendly and funny and I love him to death," he tells the publication. "If I saw him in the street I'd give him the biggest hug. There's no point in carrying on vendettas. Life's too short."
The thawing of relations comes after Elton hit back at Rod, 75, in a new chapter of his memoir, "ME" - in which he addressed the allegation his mammoth farewell tour was just a money-making exercise.
"I certainly didn't feel like I needed a lecture on the feral spirit of rock and roll from someone who'd spent most of the last decade crooning his way through the Great American Songbook and Have Yourself a Merry Little Christmas," he wrote.
"What's more, I thought he had a f**king cheek, complaining about me promoting a tour while he was sat on a TV show promoting his own tour. Perhaps it is inevitable that a relationship based on friendly rivalry and one-upmanship would sour eventually."