Gisele Bündchen declined an invitation from Victoria's Secret to come out of retirement and walk their runway in the return of their fashion show ...

but it sounds like there are no hard feelings. Sources familiar with the situation tell TMZ ..

. VS invited Gisele to walk in last night's event, even though in 2020 she retired from runway shows. Our sources say Victoria's Secret reached out to Gisele's camp back in June when the brand started casting the show .

.. and Gisele's team politely declined on her behalf, explaining she no longer wants to walk runways for shows.

Gisele was a Victoria's Secret angel from 1996 to 2006 .. and she retired from walking runways in 2020 .

.. though she did reunite with VS in 2023 for its Icons campaign.

So, it was still a long shot ...

but Victoria's Secret tried anyway. Our sources say Emmanuelle Alt -- the former head of French Vogue -- is the one who tried to convince Gisele to come out of retirement ..

. as Emmanuelle is close to Gisele and styled the Victoria's Secret Fashion Show. It didn't work, though .

.. we're told Gisele still politely declined .

.. with her team saying it doesn't matter how close Gisele is to the stylist, she's done with runways for good.

The VS Fashion Show was back after a 6-year hiatus ...

but Gisele's on the record stating she has no desire to walk a catwalk again ...

so no dice here..