Timbaland, Swizz Beatz Talk Potential Diddy vs. Dre After Record-Setting 'Verzuz'

Diddy battling Dr. Dre is the next epic "Verzuz" the people wanna see ... the masterminds behind the battle show-turned-phenomenon know it too -- and they're not ruling it out.

"Verzuz" creators, and producing icons, Timbaland and Swizz Beatz joined us on "TMZ Live" to talk about how to follow up the record-setting 9 million viewers they got for Young Jeezy vs. Gucci Mane.

That battle rated higher than any singing talent show or music awards show, aside from the Grammys -- but Timbaland and Swizz have some ideas on how to go even higher.

Enter Diddy and Dre? We asked them point-blank about the matchup social media's been screaming to see -- and you gotta see their reactions. We'll give Swizz credit ... he didn't tip his hand, but certainly makes it sound like there have been conversations.

Translation: They're saying there's a chance.

In fact, both legends told us no one thought Jeezy and Gucci could ever be in the same room ... just to talk, never mind facing off in a music battle. So, they're making it clear -- everything's on the table now as far as upcoming "Verzuz" showdowns.

Check out Wednesday's "TMZ Live" to see what/who else they've got cooking for season 2 of "Verzuz."