3:42 PM PT -- Looks like the Trump/Stormy Oscars gag is a go ... sources close to Stormy tell us she's approved of the award show using the old photo of her and Trump.

And this year's Oscar for Best Performance by a Future President and a Porn Star, allegedly, goes to ...

We doubt that's how it will come up, but TMZ has learned Oscars producers want to make Donald Trump and Stormy Daniels' alleged affair part of Sunday night's ceremony.

Sources connected to Stormy tell us someone from the Academy of Motion Pictures production team reached out to her late last week. We're told the person wanted permission to use the now infamous 2006 pic of Trump and Stormy partying in a golf clubhouse.

It's unclear if the image would be part of Jimmy Kimmel's monologue, or part of a Trump attack later in the show. Remember, the #TimesUp and #MeToo movements will get a moment to shine during the ceremony ... so, there's a good chance the Prez could be mentioned then, too.

We're told Stormy's camp had questions about how the photo would be used -- like whether it would be a direct shot at her -- but up until Sunday morning, the Academy had not responded.