West publicly criticized Timberlake's new song, "Suit & Tie," last month.
When Timberlake sang the song while serving as host of "Saturday Night Live" this past weekend, he changed the line, "Aww, [expletive] so sick, got a hit and picked up a habit" to "my hit's so sick, got rappers acting dramatic."
Asked on Monday's edition of "Late Night" about the apparent dig at West, Timberlake told Fallon: "Let me just, for the record, I absolutely love Kanye. So there's that. We love Kanye, right?"
West and Timberlake are both recent collaborators of hip-hop mogul Jay-Z.