Brian McNeal, owner of Natural Wood Mirrors, tells TMZ ... he's been working with the owners of the famous movie tree to craft a table for a potential buyer from Toronto who loves the film, and already has 2 smaller tables made from the oak.

We're told the guy dropped over $24k total on the 2 tables, but wanted to take it to another level for the third piece in the set, and gave McNeal a $65,000 budget to work with. As you can see ... he's making the most of it.

McNeal says he's using a product called EcoPoxy to encase the wood for the table's surface, and also used a branch from the tree to create the table's base. The centerpiece includes stills from the classic film -- including shots of Andy and Red -- and reads, "crafted from The Shawshank Oak Tree."

"The Shawshank Redemption" will be celebrating its 25th anniversary later this year, and the Ohio State Reformatory where it was filmed will be holding the 5th annual Shawshank Hustle -- a race and festival in its honor.

McNeal says he and the tree's owner will be offering online chances to win tickets to the event, where some of the actors are expected to attend, along with a tour of where the remaining wood is stored and the field where the tree stood.

The famous tree was cut down after suffering severe storm damage in 2016, but the lumber's lived on the form of collector's items ... including 25th anniversary slices of the tree's trunk.