Will Smith announced Friday his new album was finally ready after "working on it for a grip" ... and he ain't lying because the last time he dropped was 20 years ago!!!

Last July, Big Will signed a distribution deal with independent record label SLANG, and his upcoming "Based On A True Story" is the first finished product of the deal.

He excitedly says he's going into auto-bio mode, even going so far as to label the tracks "episodes" and draping himself in Phillies gear for the album photo shoot.

The album opener will reunite him with DJ Jazzy Jeff ... his son Jaden Smith and Teyana Taylor are also guest stars on the project, alongside several other artists.

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He linked with 'Fresh Prince' costar Tatyana Ali and reigning Best Rap Album holder Doechii for her "Anxiety" social media challenge, to add steam to the album announcement.

A lot's happened since Will last released a body of music ... his kids became stars, he won an Oscar and then lost his Oscars pass.

It should be an engaging listen, to say the least!!!