Kraft was Trump's guest at a special Hanukkah event where the two also spoke about their support for Israel. And, they were joking like two old pals.
"I also want to bring a friend of mine up," Trump said ... "He's a tremendous success in so many other businesses, but they only know him because he signs Tom Brady's check every week!"
POTUS added, "He's a champ, he's a winner."
"As usual, his team is mired in 1st place," Trump continued ... "Have you ever been in 2nd place?"
The NFL is investigating the Patriots. The team has insisted they weren't trying to cheat -- claiming the video crew made an innocent mistake.
Trump and Kraft go back decades -- and while they're on great terms right now, they've had some rocky moments.
But, clearly, that's all water under the bridge now.