The world will continue to wait for a baby Clooney ... because Stacy Keibler is NOT with child. 

The rumor mill began to churn after photos surfaced showing Stacy on a boat in Lake Como this weekend ... sporting what people have interpreted as a baby bump. 

But sources connected to The Keib tell us ... the rumors are "100% FALSE."

Plus, Stacy was seen drinking wine with George and friends last night -- not concrete proof ... but a pretty good sign there's no baby on board. 

A rep for Stacy had no comment on the situation.

From TMZ.com