Jones -- who starred for LSU's track team before competing in BOTH the Summer and Winter Olympics -- got wind of O'Neal referring to Reese as the greatest athlete to ever come out of Baton Rouge on his 'Big Podcast' this week, and she vehemently disagreed with her fellow Tigers alum.

In fact, she seemed to think Shaq wasn't in his right mind since undergoing surgery last month.

"Shaq knew what he was doing," Jones said. "Shaq's just bored. He's coming off hip surgery. He's chilling at home. I think Shaq, honestly, is high on some pain medicines. The list is so big with LSU."

Jones -- a decorated hurdler and bobsledder -- feels Shaq was trying to stir the pot by saying Reese is LSU's top-ranked athlete ... knowing that it makes for good "water cooler talk."

"So, for Shaq to have the audacity to say 'she's the best ever,'" Jones continued, "I'm like, 'Bro, chill on the pain meds,' because that list is arduous. So long."

Jones -- who won three NCAA titles and earned 11 All-American honors as an LSU Tiger -- said she wouldn't put herself at the top of the list of the university's G.O.A.T. athletes.

But, don't get it twisted -- Lolo told us she isn't disrespecting Reese ... saying, "We're not hating on Angel. We love to see it. She's cooking. Let her keep cooking. But I'm telling you, LSU track and field is the powerhouse for that university."