LiAngelo Ball is looking to capitalize off his newfound success in the music industry ... telling TMZ Sports he wants to drop a project with NBA YoungBoy!!

We caught up with the baller-turned-rapper at LAX on Thursday ... just hours after Ball dropped a music video for his viral debut song, "Tweaker."

Gelo -- who signed a multimillion-dollar contract with Def Jam -- has been getting looks from a ton of names in the rap game who want to work with him in the booth ... but when we asked him who's at the top of his own list, he's got one name in mind.

"I know before I'm done with this s***, I gotta get a tape with YoungBoy," Gelo said. "Like a collab tape."

Unfortunately, getting these two together in the studio won't happen immediately ... as YoungBoy is currently behind bars, but is slated to get out in a few months.

Outside of the YoungBoy collab, Gelo told us his album should be coming this spring ... and he's excited to get onstage at Rolling Loud.

As for his first love, Gelo hasn't officially retired from basketball ... and said he'll be good to go if a team hits him up.

"I still just stay ready," Gelo said. "If I get called tomorrow, I'll be alright."