There's a bit of gay drama brewing at New York Times.

Gawker passed along word that the newspaper formed a "Diversity Advisory Council" after a top editor called an employee a faggot during a going away party.

And now the junior detectives at Page Six think they know who let the "faggot" fly…

A Times snoop told Gawker:

A masthead editor called one of their subjects a faggot at the going away party. An investigation is going on now. Somebody may lose their masthead position and possibly their job.

The Gawks had no clue as to who could have done such a low down, no good, rotten thing.

Luckily, an "insider" passed along some info to Page Six:

An insider told Page Six the editor in question is Michele McNally, the director of photography listed on the Times masthead as an assistant managing editor.

During a raucous farewell to the Times' old building on West 43rd Street, before the paper's June 9 move to its new headquarters at 620 Eighth Ave., McNally allegedly directed the hateful epithet at one of the male photo editors in her department.

To be fair, have you guys ever met the gays at the Times? Total and utter fags. In the best way possible, of course…

McNally's friends, meanwhile, defended her honor. They declined to provide their names. For it's part, the Post prays this will cool some of GLAAD's gratuitous heat.