"If everything goes right, this thing can be explosive," Ball tells TMZ Sports about joining forces with Jay-Z.

As we previously reported, all 3 of LaVar's sons -- LaMelo, LiAngelo and Lonzo -- are signing with Roc Nation to handle "marketing opportunities" off the court ... which includes shoe deals.

And, with Jay-Z being the creative director for Puma Basketball -- there have been questions about if the boys will jump ship from Big Baller Brand and sign with Hov's company instead.

But, LaVar says it doesn't have to be one or the other -- when asked if there was a possibility of BBB and Puma collaborating on a shoe, he seemed very into the idea.

"That could be," LaVar said ... "See, that's a good thing about dealing with Roc Nation. The possibilities are unlimited."

"They said something I liked which is 'Lavar, we wanna change the game. We wanna do something special.' Now, that terminology right there means I'm supposed to be with you guys. Because my boys are special and like I said, I wanna change so it's all good."

LaVar also told us the decision to join Roc Nation was a FAMILY decision made after thoroughly vetting several agencies.

"I think you have to go through different agencies to see the one that you need that's going to have the same mindset as you. I feel that Roc Nation is trying to move in a direction that we moving in."

As for Jay-Z -- who famously supported LaVar's initial foray into the shoe business back in the day -- Ball says he's "cool" with Hov, but the decision to sign wasn't just about one man.

"All those folks is good man ... Roc Nation wants to do exactly what me and my boys want to do."

There's more ... LaVar is still having fun promoting the Big Baller Brand -- and he's even hosting an online pop-up shop where fans can Zoom with him as they cop BBB march.

"I got a great team around me where my newest guys always thinking of new ideas and things to do to make the brand grow."