The 48-year-old wide receiver -- who hasn't played professional football in a decade -- has signed a contract with Fan Controlled Football (FCF), the NFL legend tells TMZ Sports.

"Playing football, I mean that's something that comes naturally. Something that I've been doing pretty much all of my life. To get on and get back on the field, obviously competitively play, I mean that's when I get my juices flowing," Owens says.

"At the end of the day, I'm not really worried about getting tackle, taking a hit, things of that nature, that's part of football."

If you aren't familiar with the FCF, it's an indoor pro league where fans literally control the game ... even picking the plays run on the field. The FCF has a bunch of celeb owners like Marshawn Lynch and Quavo.

Even though the Pro Football Hall of Famer hasn't played competitively in years, T.O. wanted to make it clear this isn't a football player coming out of retirement. 'cause he never quit the game.

"First and foremost, I know the headlines have been I'm 'coming out of retirement,' all this good stuff, but I never retired, number one. As I try to explain to a lot of people, what I'm doing playing Fan Controlled Football is no different than anything that I've been doing over the last five, six, seven, eight years, going out mentoring guys, running routes, helping guys, learn how to play the receiver position."

"Just giving them the little tools and kind of the blueprint of what made me the Hall of Famer that I am today."

Of course, Owens is one of the very best WR's in football history. He was a 6x Pro Bowler, and 5x First Team All-Pro. T.O. caught 1,078 passes for 15,934 yards. Terrell caught 153 touchdown passes over his 15 year NFL career.

Owens, highlighting the sometimes absurd personal nature of HOF voting, had to wait a year before being inducted into Canton.

Even though he hasn't caught a ball in the NFL since 2010, Terrell has openly expressed his desire (and what he believes is his ability) to still play in the National Football League, despite his age.

So, we asked T.O. if he was playing in the FCF as a way to prove to NFL front offices that he's no ordinary man standing on the doorstep of his 50s ... and could still help a team.

"Not necessarily. That's not my main objective, but at the end of the day, being who I am, I know there's gonna be some eyes," Owens answered, adding, "If it happens, it happens. But at the end of the day, like I said my main focus honestly is to have fun and like I said, getting paid a little bit."

Who will throw Terrell the football? It's unclear which team he'll suit up for, but there's a chance he could link up with fellow star and FCF player, Johnny Manziel.

We broke the story a few weeks back ... Johnny Football is returning for another FCF season, after playing last year.

Regardless of the team, Terrell's hyped for the opportunity.

"I get to do something and have fun and really mentor a lot of these guys while I'm doing it."