DRAKE I Don't Have the Phantom Rolex

DRAKE
I Don't Have 
the Phantom Rolex

EXCLUSIVE

There's no way in hell Drake took the $30k missing Rolex in NYC ... he claims his version came directly from Rolex, not some jeweler in midtown -- this according to sources.

Manhattan lawyer James McMillan filed a lawsuit in New York, says the NY Post, claiming his $30k Rose-Gold Rolex Presidential watch with a diamond bezel went missing from a midtown jeweler last year. McMillian claims the jeweler wouldn't return the watch and eventually sold his Rolex to rapper Drake.

But sources close to Drake tell TMZ ... that claim is total BS. We're told the rapper does own a Rose-Gold Rolex -- which can be seen on the cover of his album "Take Care" -- but is adamant he bought it directly from Rolex himself.

Our sources say Drake NEVER received a watch from the midtown jeweler named in the case.