Walsh Jennings -- a three-time Olympic gold medalist -- announced the move earlier this week ... and told TMZ Sports on Thursday she's absolutely fired up to partner with the Bengals quarterback and others in the new league.

If you're unfamiliar, Burrow helped launch the Pro Volleyball Federation earlier this year ... promising to bring super competitive, professional indoor volleyball games to cities throughout the country. Jason Derulo has already revealed he's in on the project, telling us back in February he's launching the league's Nebraska team.

Walsh Jennings, in addition to being an equity holder in the league, is bringing on a squad of her own in San Diego ... and she said with her, Burrow, Derulo and others involved, the org. has sky-high potential.

"What's clear is that the opportunity is ginormous here," Walsh Jennings told us. "The sport is so hungry for this elite, top, most-echelon place, and the time is now for women's sports."

Walsh Jennings says the goal for the league -- which will kick off its inaugural season in February 2024 -- is to ultimately have seven or eight teams. Right now, it's at six. Every squad, Walsh Jennings said, will have 14 players -- and signings will happen soon.

And, when it all finally comes together and they get to go head-to-head during a real season ... she promised she was going to be super competitive with Burrow and Derulo.

"Just knowing what I know of the other owners," she said, "I know we're all going to take this, carry this crown of being owners with a lot of pride, a lot of honor. And we're going to want to win."