Suge Knight will directly address Cassie's claim Diddy once grabbed a bunch of guns to go confront the ex-Death Row Records boss ... TMZ Hip Hop has learned, although Puffy might have already beat him to the punch.

The ex-Death Row Records honcho will tape the Diddy convo on his "Collect Call" podcast in the next couple of weeks, right after he drops his Thanksgiving Day episode ... according to sources involved in the production. That was the plan, anyway, before Diddy and Cassie suddenly settled Friday night.

As we reported ... in Cassie's lawsuit against Diddy, she'd claimed that one night while she was at home with Diddy, one of his security staff burst into the room to inform him that Suge had been spotted at the popular L.A. eatery Mel’s Drive-In Diner.

Cassie alleges Diddy immediately got dressed, retrieved multiple firearms from a safe and ran out to go confront Suge. It doesn't appear any public altercation ever went down.

Like we said, the ex-Bad Boy singer was seeking major damages in her lawsuit against Diddy, claiming she endured savage beatings over several years of sex and alcohol-fueled benders. But late last night, she and her ex put their differences aside ... both saying they were "amicably" settling the matter.

Diddy's legal team had told us the suit was nothing but a classic shakedown for $30 million.

Suge and Diddy's history dates back to the mid-'90s at the height of the East Coast/West Coast rap wars that eventually ended with the murders of Tupac Shakur and Biggie -- so, not surprisingly, we're told Suge won't hold back with his take on Diddy's new legal drama.

Speaking of Pac, that Thanksgiving episode of Suge's pod will tackle Keefe D's arrest for the 1997 murder.

Suge and Breakbreak Media CEO Dave Mays launched "Collect Call" back on Halloween ... and their next couple episodes are shaping up to be their most explosive.