"It would have been another month of news saying that they are dating."
And although Irina was with Kanye for his 44th birthday celebrations in Provence, France, the source insisted it wasn't a romantic occasion.
They said: "She went to his birthday party as a friend. There were 50 other people there."
The Russian beauty isn't looking for love with anyone right now.
The insider said: "She doesn't want to be linked with anyone right now. She is happy being single."
Shayk and West - who has four children, North, eight, Saint, five, Chicago, three, and Psalm, two, with estranged wife Kim Kardashian West - have been friends for several years and she previously appeared in his 2010 music video for Power, as well as modelling for his Yeezy brand.
It had previously been claimed that the FourFiveSeconds hitmaker had "pursued" Irina, but they were not officially a couple.
A source said earlier this month: "They have known each other professionally for years. He started pursuing her a few weeks ago. Kanye is a persuasive guy.
"He hung out with her in NYC before they celebrated his birthday in France.
"She seems smitten. He invited her to France and she happily accepted. They are not officially dating, but there is an interest from both sides."