The USC legend stopped short of saying that this week ... but the former superstar running back did acknowledge he's hearing rumors it might actually go down!!!

"I don't want to put nothing out there," Bush said on Tuesday's "The Pat McAfee Show" ... "You know, I've heard conversations and things."

Of course, Bush was just reinstated to USC after he was banished for 10 years for accepting improper benefits during his time as a Trojan -- and many have wondered if his relinquished Heisman Trophy could follow suit.

For now, the people who are in charge of the award say nothing has changed ... but Bush's reaction when McAfee asked about a possible return of the honor sure makes it seem like something's in the works.

"I don't want to, uh --" Bush said sheepishly, before adding ... "if it's not here, it's not here!"

Bush also revealed a cool story about his trophy ... saying after he was busted and forced to give up the award, Heisman officials asked Vince Young to take it.

But, Bush claims Vince turned it down ... and he praised the hell out of him for doing so.

"That’s why I appreciate Vince because even in that moment and even in that time, he wasn’t a sucker," Bush said. "Period. He didn’t go for whatever they were trying to bring his way, and I appreciate him for that because that’s real. That’s real love."