12:15 PM PT -- We're told Bregoli's "cover" isn't the actual cover at all ... it's a paid advertisement wrap for issues of the magazine that will hit stands Friday. So while it might appear Bregoli is the featured artist, it's actually Lil Wayne.

Danielle Bregoli has cemented her status as one of the top female rappers -- deal with it -- and Billboard's stamp of approval says it all.

Danielle -- aka Bhad Bhabie -- has just landed the cover of Billboard ... slated to hit stands Friday and just a few days shy before Bhabie's first mixtape "15" is also released. The cover is very much deserving -- it comes on the heels of earning a Billboard nomination for top rap female artist along Nicki Minaj and Cardi B. Strong company, for sure.

TMZ obtained video of Bhabie's behind-the-scenes when she shot the cover. Need more proof she deserves it? Bhabie's the youngest female rapper of all-time at 14 to chart on the Billboard Hot 100 -- 3 of her tracks have made it on ... including "Hi Bich," which has amassed 119 mil views on YouTube alone.