The controversial rapper shared a look at the new track -- titled "Like That (Remix)" -- on an episode of "The Download" hosted by his pal Justin Laboy ... playing the opening live on the show.

The opening features a line directly from the recently-released Future, K.dot, Metro Boomin track, "Like That" ... which many took as a response to Drake and J. Cole's hit song "First Person Shooter," igniting a pretty viral rap back-and-forth.

While Ye only played a little bit on the show ... a fuller track seems to have leaked online -- though it's unclear if this is what the final verse sounds like or if this is all fan/AI-made.

But, assuming it's real ... Kanye takes a pretty ruthless dig at both Drake and J -- rapping, "Y'all so outta sight, outta mind / Can't even think of a Drake line / Play J. Cole get the p***y dry / Play this s*** back 130 times."

Not really a line that's up for interpretation here ... Ye's taking direct shots at his adversaries -- and, we gotta say he didn't miss.

And, Ye's not tamping down any of the drama surrounding the song ... instead, hopping back on X to post an NSFW J. Cole meme -- so, it looks like he's feeding into the frenzy.

He's also promising more coming soon ... so, keep your ears peeled for whatever he decides to drop next.

BTW, one more thing to note ... we don't know if Future, Kendrick and Metro signed off on this collab. Kanye has gotten in trouble in the past for sampling songs without permission -- so, maybe hold up speculating Kanye's back in these rapper's good graces.