Chris Rock Refused to File Assault and Battery Police Report Against Will Smith

Chris Rock is NOT going to file a police report -- at least for now -- against Will Smith after the latter smacked him squarely across the face ... but the window is still open.

LAPD brass said Sunday night that they were aware of an incident during the 94th Academy Awards between two individuals ... in which one person slapped the other. Obviously, they're referring to Will and Chris -- but they also note ... CR declined to press charges.

They add ... if Chris wants to file an investigative report at a later date, he can do that -- and they'll be all ears.

Now, as for how exactly the cops got involved in this has been a bit of a mystery until now -- namely, nobody really knew if they were called or if they actually spoke to Chris directly. Law enforcement sources tell TMZ ... there were LAPD officers on site during the actual incident, whom we're told witnessed the hit -- and then approached Chris' team thereafter.

Essentially, they watched what they believed to be a crime ... otherwise, they wouldn't have approached him. Since Chris said he wasn't interested in pursuing it, it's routine in a case like this for cops to stand down.

Presumably ... Will could be dinged on assault and battery, but at the moment -- it doesn't seem he's going to face any repercussions for what he did. It's also unclear if the Academy will hold him accountable.

As you know by now, Will struck Chris on stage during the live broadcast following a joke the comedian cracked about Jada Pinkett -- which was about her shaved head ... a direct result of the alopecia she suffers from.