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Master P I Negotiated A $2.5 Million Deal ... For H.S. Hoops-Star Son

Master P says he hammered out a multi-million dollar deal for his H.S. basketball-playing son ... and is simply waiting on an NCAA rule to change before putting pen to paper and making his kid a millionaire!!

TMZ Sports was talking to P and his 19-year-old son, Hercy Miller -- a top H.S. senior who just committed to play ball at Tennessee State -- when the hip-hop legend dropped the news.

"We have a lot of deals on the table, not only for Hercy, but for [son] Mercy.