Hayden Panettiere and James Blunt Yacht Photo From 2009 Sparks Conspiracy Theory

A resurfaced photo of Hayden Panettiere and James Blunt together on a yacht is getting fresh attention ... following the actress's death and renewed interest in a disturbing story she shared about an alleged yacht encounter when she was 18.

The photo -- taken in France in 2009 -- shows Hayden and James together on a boat ... gathered around a table with at least 3 other people.

At the time, Hayden was a few months away from her 20th birthday ... but some folks are convinced it's the smoking gun in her story about being forced into bed with a naked British singer-songwriter. Hayden didn't name the celeb in her memoir, but the internet's convinced it's James, even though there is no evidence establishing that connection.

Hayden said the experience left her frightened, and she eventually got out of the situation.

James is now pushing back on the speculation.

As we previously reported, James shared an article by journalist Dean Piper arguing that the timeline doesn't line up, noting Hayden was nearly 20 when the 2009 photos were taken, not 18 as mentioned in her book.

Plus, Dean says he saw Hayden and James flirting at a charity event in Cannes the day before the 2009 yacht photo.

Hayden and James were snapped at that event too, and Dean says it wouldn't make sense for the pair to be hanging out twice in Cannes if James were the unnamed celeb from Hayden's yacht story, as the alleged encounter would have preceded the Cannes trip.

James has not directly addressed the allegations himself ... but he shared Dean's comments and added the 👀 emoji.

Hayden was pronounced dead August 16 after being found unresponsive in a South Carolina Airbnb, where she was staying with her boyfriend, Brian Hickerson.