The two superstar MCs just dropped their remix to their new track titled "SHAQ & KOBE" on Friday ... enlisting the two hoopers to add verses of their own.

The Bucks All-Star -- AKA Dame D.O.L.L.A -- was the first athlete to deliver his lyrics ... with a few of his basketball highlights playing right before the start -- "Dame from the hash mark, a three, oh my goodness."

Lillard made several sports references throughout his part ... with lines like, "I'm shot callin', not stallin' and not hoggin'/Pass the ball, we runnin' it up and we not joggin'," ... as well as a nod to the G.O.A.T., Michael Jordan.

"Jordan my tongue when I'm on my king s***," Dame said.

Shaq -- who's no stranger to the music industry -- had even more bars about his hoops career ... name-dropping Spurs legend Tim Duncan and his former head coach, Phil Jackson.

"Foreign 'round, flyin' spurs like when I bullied Duncan," the Hall of Famer said ... later adding, "I can hear the money talkin' like if it was Phil."

O'Neal -- who had a stake in the Sacramento Kings until 2022 -- also wrote about his venture into team ownership -- "Did a song with Biggie, it was all a dream, so was ballin' 'til I made it, now we own a team."

Toward the end of Shaq's verse, he mentions his old teammate and friend, Kobe Bryant ... saying, "I'ma bring the drama 'til I'm with the Mamba."