12:30 PM PT -- Flavor Flav joined Harvey and Charles on "TMZ Live" on Tuesday to talk about his kind gesture ... and while he said he knows nothing can replace an Olympic medal, he still wanted to do something to show the gymnast has her support.

As for his advice on what Chiles should do with the bronze now that the IOC wants it back ... check out the interview, he made it clear he wouldn't give it up if he were her!!

Flavor Flav's a man of his word -- just hours after promising to get Jordan Chiles a custom bronze clock to help ease the blow of losing her Olympic medal ... he came through with it!!

Check it out -- the rapper posted video of the new piece on his Instagram page late Monday night ... and it's awesome.

The clock has what appears to be a bunch of bronze-plated stones all over it ... and Flav -- who became a face of this year's Olympics for the way he sponsored the USA women's water polo team -- was clearly pleased with how it came out.

He shouted out the jeweler, Rock'n Stones, for creating it so quickly ... while imploring Chiles to reach out to him so he can send it her way.

"I gots yo back," he told the gymnast.

Of course, it might be a minute before the 23-year-old sees it ... as she stated last week she's taking a break from social media following all the controversy that's surrounded her after she initially won the bronze in the Paris Games floor competition on Aug. 5.

If you missed it, Chiles was awarded the medal following an appeal of the judges' scoring ... but an investigation revealed Team USA lodged its complaint just four seconds too late -- and she was ultimately stripped of the honor.

Team USA is doing all it can to try to get the thing back ... but in the meantime, a pretty cool consolation prize from Flav awaits her.