51-year-old O'Neal received word of the honor while he was on the air with buds Charles Barkley, Kenny Smith, and Ernie Johnson ... when the Hall of Famer got a "phone call" from Magic CEO Alex Martins.

"On behalf of the DeVos family and myself and all of us here at the Orlando Magic, we want to congratulate you as we make you the first jersey number retired in the history of the Orlando Magic. You had a great career here at the beginning of your career and we had some great times!" Martins said to Shaq.

Of course, the Magic picked O'Neal with their first pick in the 1992 NBA Draft ... and Shaquille didn't disappoint in his short stint with the team, making them relevant, and even leading them to the NBA Finals in 1995, where they lost to the Houston Rockets.

He averaged over 27 points, and nearly 13 rebounds, and 3 blocks a game in Orlando.

Shaq ultimately decided to leave Florida for a big payday in Los Angeles ... where he won 3 NBA championships alongside Kobe Bryant and the Lakers.

Team Chairman Dave DeVos also spoke about Shaq's influence on the organization, on and off the hardwood, as well as the local community.

“Through his dominating play, larger-than-life personality, and generous contributions to The City Beautiful, Shaquille O’Neal had a transformational impact on this team and this town. Our family and the entire franchise couldn’t be more pleased for Shaquille to receive this well-deserved honor, further cementing his enduring legacy here in Orlando as we collectively look back on his tremendous accomplishments in a Magic uniform.”

Perhaps the most meaningful congratulations came from O'Neal's "number one fan," his mom, Dr. Lucille O'Neal, who sent her son a heartfelt message.

The jersey retirement goes down on February 13.