The slow song has fans speculating if the song is about the couple's separation, pointing to the lyrics, "Are we gonna make it? Is this gonna hurt?" and "I start to imagine a world where we don't collide. It's making me sick but we'll heal and the sun will rise."
He sings going into the chorus, "We don't have to stay. I will love you either way. It'll be okay."
Mendes teased the song to his followers on Tuesday, sharing a 12-second snippet of the single to Instagram, writing, "'It’ll be okay,' tomorrow 12/1 7:00 p.m. EST."
"We've decided to end our romantic relationship but our love for one another as humans is stronger than ever," the former couple said. "We started our relationship as best friends and will continue to be best friends."
A source recently told ET that the exes both decided on the split prior to announcing it.
“Shawn and Camila's breakup was mutual,” a source told ET last week. “They realized they are in totally different places in their lives at this point, and it was time to end things. They're both sad about the split, but doing their best to take care of themselves, stay busy and surround themselves by loved ones.”