Nick Cannon New Song Raggin' On Mariah Nick Says No

Nick Cannon is talking to someone in his new song, "Oh Well," when he says, "All you needed was a n***** with the money, cars and cribs" ... it sure sounds like he's talking about Mariah and James Packer, but he says no.

The song is laced with lyrics that could sure fit his relationship with Mariah ... "I still feel bitter about it," "You leave the house. You f****** that n***** giving me a reason to bounce."

And he goes on ... "People on TV be happy but this is real life." And there's this ... "She didn't like when I was broke, but she missed the old me."

Nick says everyone's off base ... "I didn't release a diss track but I did release this."