Kanye West and Nick Cannon Squashed Their Beef Over Kim Kardashian

Kanye West and Nick Cannon have come to a mutual understanding after going at each other on social media over Kim Kardashian West -- and the consensus is this ... R.E.S.P.E.C.T.

Sources tell us that Kanye and Nick squashed their beef this weekend after Nick responded to Ye on Instagram, basically telling him to not try and censor what he can or can't say in interviews. We're told they swapped numbers in their IG DMs ... and eventually, both of them got on the horn to hash things out in a fairly long convo.

They addressed why each of them felt disrespected -- clearly, Kanye was upset by what Nick had said to VladTV regarding Kim's body ... and Nick was pissed that Kanye was coming at him for being candid and truthful.

Long story short, we're told they both agreed to be mindful of one another going forward, and to continue their friendship.

There might even be a potential appearance that comes out of all this too. Sources say Nick and Kanye discussed Ye coming back onto 'Wild 'N Out.'