4:50 PM PT -- A source connected to Naomi Campbell tells us there's no feud, as far as the supermodel is concerned, at least -- and you do see Naomi smiling in Rihanna's direction as the singer made her entrance.

Also, it does appear Naomi reached out to assist when Rihanna's gown got snagged as she made her way to her seat.

Rihanna's adding fuel to rumors of her longstanding feud with Naomi Campbell ... with fans saying she clearly dissed her during New York Fashion Week.

Video's circulating online of Rihanna walking into an event during one of the biggest weeks for celebs into fashion ... showing her striding in and giving a man she recognizes a big hug.

Sitting right beside him ... Naomi -- who Rihanna walks past without a second look. No hug, not even a word as far as we can tell.

BTW famed stylist Law Roach is sitting on the other side of NC in the vid -- and, she didn't rush to greet him either. And, it turns out she walked past the group twice without a second look ... so, hard to believe she didn't notice them.

Fans online are taking the video and running with it ... saying it proves RiRi and Naomi still have a ton of issues. If you don't know, the pair are rumored to have been beefing for years now -- Campbell denied any such feud in 2021.

Campbell told Andy Cohen on "Watch What Happens Live" that she only supports other Black women rising to the top. She did crack a little joke about the feud that many took to suggest they aren't actually on great terms.

Unclear where the beef rumors started ... though the two unfollowing each other on Instagram certainly drew some raised eyebrows.

Not Naomi's first feud of the week. Remember, she and Anna Wintour traded barbs onstage after Wintour claimed she showed up late to an event ... which, sources with direct knowledge wasn't true, saying Anna moved up the presentation so she could go to the U.S. Open.

Anyhoo ... Naomi and Rihanna might not be publicly feuding -- but, certainly doesn't look like they're privately friends.