Don't give up hope just yet, America -- there's still a chance Joey Chestnut could take the stage and devour dozens of hot dogs this Fourth of July ... with sources telling TMZ Sports event organizers are keeping the door open for the greatest eater of all time.
Here's the deal -- we're told Jaws did, in fact, ink an endorsement with a plant-based food company to promote its vegan glizzy product ... which is a major no-no with Nathan's Famous and Major League Eating, as competitors are prohibited from partnering with rivals.