Kate Winslet: Felt Up, Not Pregnant (PHOTO)

Kate Winslet is not pregnant, she just has a nice felt dress.

Photos have been circulating showing Cate Blanchett and Brie Larson chatting with Winslet during Sunday night's Oscars ... and Blanchett appeared to be touching Winslet's belly, which is woman code for "OMG YOU'RE PREGNANT! THAT'S AMAZING!"

But a source close to Winslet tells TMZ the "Titanic" star is not with child, she was simply showing off the material on her dress to the ladies.

False alarm.