Former deputy national security adviser K.T. McFarland has urged newly inaugurated Director of National Intelligence John Ratcliffe to make public the transcripts of phone calls between her former boss Michael Flynn and then-Russian Ambassador to the U.S. Sergey Kislyak, telling "The Story" Tuesday that it's time to "let the American people decide."

"I hope he releases these calls," McFarland told host Martha MacCallum.

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"This one phone call has been the excuse that the Obama Administration, the intelligence chiefs ... [and] the media used as a sort of fulcrum of the whole Russia probe," she added, "which I think was a total fraud from the beginning."

In one of his final acts as acting director of national intelligence Tuesday, Richard Grenell declassified a new batch of Russia probe documents, including the transcripts of the December 2016 phone calls between Flynn and Kislyak, which took place during the presidential transition period.

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Fox News has learned that the declassification review of those transcripts is now complete, and it will be left up to Ratcliffe on whether to release them publicly.

"If we find out what's in that transcript, then let the American people decide," McFarland urged.

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"Not only should there be a phone call transcript between General Flynn and the Russian ambassador, let's see the whole thing," she went on. "Was there any reason to launch the entire Russia hoax? Was there any reason to keep the American people and President Trump at loggerheads with each other for these three years?

"I don't think there was," McFarland continued. "There was nothing wrong with this phone call and it was absolutely on the up and up. And yet, the Mueller investigation and all the various congressional Russia probes, they pointed to that is something that was really sinister. Really? Well, let's see what they said to each other, and let's see what everyone else was saying, too."

Fox News' Brooke Singman contributed to this report.