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Ochocinco's Engagement Gift -- New Reality Show

It's only been two days since he got engaged -- and TMZ has learned VH1 has already offered Chad Ochocinco and his freshly-minted fiancée a new reality show ... but there's a catch.

Chad Ochocinco Realty Show
According to sources close to the couple, VH1 made an offer to Chad and "Basketball Wives" star Evelyn Lozada on Tuesday ... just hours after news broke about the 10-carat engagement.

We're told the show would be centered around the couple's post-engagement relationship leading up to the wedding.

According to sources, the couple is very interested ... but won't sign unless "the money and situation are right."

But clock's ticking -- because we're told VH1 wants to start shooting ASAP.

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