EXCLUSIVE

Taylor Swift is not waving the white flag in her war with Kanye West over the secret audio recording ... our Taylor sources say she may still file a police report because she says Kanye committed a felony.

As we reported, Kanye had Taylor on speaker when he recorded her as they spoke about his song "Famous," and there were clear voices in the room from the camera crew as well as producer Rick Rubin ... as such, they could all overhear the conversation so the law does not prohibit the recording.

But Taylor sources say she had NO IDEA Kanye had her on speaker. Although she could hear other voices she assumed they could not hear her, so she believes Kanye had a legal duty to ask permission to record her, and by not doing so he violated the criminal law.

Taylor is still deciding whether she'll file a police report.

What's more ... we're told Taylor wants them to bring it on ... the call lasted a full hour and Kim was very selective in what she posted. Taylor wants the entire conversation released, because everyone would hear -- Kanye never said he'd call her a "bitch" in the song. We've listened to the tape and the word "bitch" is never mentioned.

We're told she's also upset Kanye made the song sound lighthearted, when in fact it's mean-spirited. Taylor's rep said in a statement ... Kanye never asked Taylor for approval -- which the tape proves -- but she believes he was deceptive.