Ray J, Princess Love Talk Having Third Baby Despite Divorce

Ray J and Princess Love are in the middle of a divorce ... but that's clearly not stopping them from possibly producing a third baby. But, slow your roll ... the process wouldn't be all fun and games.

The 'Love & Hip Hop' stars openly talked about the possibility during the show's four-part special dubbed, 'Secrets Unlocked.' It's set to air on Jan. 4 on VH1. The news, at first, seemed to take Ray J by surprise, but hold your horses ... 'cause it seems Princess Love's thinking this is strictly a business transaction.

Translation: she wants Ray J's swimmers ... and his swimmers only.

This, of course, is interesting considering their divorce drama. As you'll recall ... Princess Love filed for divorce back in May, only to later drop it after they reconciled. Four months later ... Ray J filed divorce papers and far as we know, that case rolls on.

Remember, they have 2 kids together -- daughter Melody and son Epik. They've continued to co-parent together and are clearly cordial enough to have done the VH1 special together.