Madonna -- I FORGIVE ELTON JOHN!

Madonna is calling for an end to her feud with Elton John -- dedicating one of her songs to Sir Elton during a recent concert in France ... and saying she forgives him for calling her a "fairground stripper."

It all went down Tuesday night in Nice -- Madonna dedicated her song "Masterpiece" to Elton, saying, "I know he's a big fan of it. And I know he's a big fan of mine. And you know? I forgive him. Gotta start somewhere."

In case you didn't know, Elton said Madonna "looks like a f***ing fairground stripper" earlier this month in an interview -- adding, "She's such a nightmare ... Her tour has been a disaster and it couldn't have happened to a bigger c***."

But Madonna's dedication might have been backhanded -- because "Masterpiece" is the song that beat out Elton John's "Hello Hello" for Best Original Song at the Golden Globes in January.

But now, Madonna wants to let bygones be bygones ... or does she?