The news just dropped minutes ago ... with the league saying the rapper/producer will help expand the NBA brand around the globe through promotional activities and initiatives.

Of course, Suga is a big hoop fan ... and has been spotted courtside at several games in the past. In fact, he even got to meet Stephen Curry and the Warriors when they played in Japan last September.

Suga addressed the move on Thursday ... saying, "Music and basketball have been shared passions of mine since my youth, and it’s a dream to be named an NBA Ambassador."

"I'm excited to formalize my relationship with the NBA, and I can’t wait to share some exciting collaborations I have planned with the league over the coming months."

"We’re thrilled to join forces with SUGA -- a superstar musician, fashion icon, and passionate NBA fan," league Deputy Commissioner and Chief Operating Officer Mark Tatum added. "We look forward to working with SUGA to bring the same excitement he engenders from his global fanbase in support of our continued efforts to grow our brand."

The league even says the NBA will have a presence during Suga's first solo world tour ... which sold out in minutes.