"Basketball Wives" star Evelyn Lozada has an incredibly lucrative back-up plan in case she decides to quit the show -- why, a NEW reality show of course ... co-starring her NFL star fiancé Chad Ochocinco.
Sources close to Evelyn tell TMZ -- as soon as E! execs caught wind that she wanted to quit "Basketball Wives" ... they approached her with a new TV offer.
We're told the new show would feature both Evelyn and Ocho living the life -- which is kinda difficult ... because she lives in Miami ... and he lives in Cincinnati.
Evelyn hasn't made any official decision yet -- but according to sources, the couple is seriously entertaining the offer.