Speaking on her Forbidden Fruits podcast, she told co-host Niki Takesh: "He's a great guy and a gentleman and that was it.
"Nothing really happened, we were just, like, friends hanging out. I wouldn't say that we were dating."
She also claimed that the two men have put their differences behind them, saying: "I feel like they've squashed their issues.
"Obviously, when I first started speaking to Ye on the phone, I told him immediately, I think on the first day before it went any further, because I'm just an honest person, I guess."
She agreed the rumours about her and Drake were "old news," adding: "This was fully 2020, like two years ago."
West, who has legally changed his name to Ye, has previously demanded a public apology from Drake amid their ongoing feud, which had been rumbling for a decade following an initial conflict between rappers Lil Wayne and Pusha T, but in November last year he said it was "time to put it to rest".
The pair reunited onstage for the Free Larry Hoover benefit concert in December, during which they both covered the other's songs.
West's romance with Fox comes amid a messy row between the musician and Kim Kardashian, who filed for divorce from him last year.
The pair have been publicly feuding about their children, with West seemingly blasting Kardashian for allowing their eight-year-old daughter North on TikTok without his permission.
Kardashian has said West's social media attacks are "hurtful", adding she is doing her best to protect their daughter while allowing her "creativity in the medium that she wishes" with supervision because it brings her "happiness".
She also said she was the "main provider and caregiver" for their four children: North, Saint, Chicago and Psalm.
She added: "I wish to handle all matters regarding our children privately and hopefully he can finally respond to the third attorney he has had in the last year to resolve any issues amicably."
Kardashian filed for divorce from West in February last year, citing irreconcilable differences, after they married in an extravagant wedding in 2014.