Chris and Will Are All Square Now ...

Donnell Rawlings says there are no winners in the Chris Rock and Will Smith beef ... and hes hoping Chris recent response will finally put an end to the saga.

We got Donnell at Gelsons Tuesday and asked him about Chris finally addressing the Oscars slap in his Netflix special, which Donnell says should even the score.

Donnell, who is super close with Chris, is slamming the folks who didnt like the way Chris joked about the incident ... claiming it was old news by now. He says no one has the right to put a timeline or restrictions on how comedians can respond.

Of course, some folks are pissed at Chris ... like The Root senior writer Candace McDuffie, who feels Chris had the slap coming to him following years of jokes she feels targeted Black women like Jada Pinkett Smith.

Donnell thinks anyone who has a problem with Chris jokes is insane, because as they say ... theyre just jokes. Hes also not buying the theory jokes incite violence on any particular group.

As for Will, DR says he should be able to take a joke because Chris was able to take the slap.

While Donnell tells us Chris and Will have yet to speak to each other, hes hoping they can both get closure on the matter ... after Chris verbal "clap back."

He also tells us what he thinks is next for both entertainers, now that things are tit for tat.