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Barack Obama and Michelle Obama are once again putting those breakup rumors to rest ... 'cause they were spotted splashing out on Steven Spielberg ’s $250 million superyacht in Italy!

Check out the pics ... the former first lady arrived in Portofino Friday -- without her hubby -- climbing aboard and greeting the famous filmmaker with a warm hug. He appeared enthused to see her show up, holding out his arms in anticipation of a friendly exchange.

She changed out of her trendy double denim outfit for a lunch with Steven and his wife, Kate Capshaw , on Saturday. Michelle seemed to enjoy their seaside rendezvous, as she was pictured grinning from ear to ear. Play video content

The former prez was photographed en route to the 357-foot yac

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