Looks like the Lohan clan is headed for an all out book-off ... 'cause TMZ has learned, Michael Lohan is now considering giving Dina Lohan the green light for her tell-all ... with one big fat string attached -- he gets his own book deal.
As we first reported ... Michael put the legal kibosh on Dina's book by reminding her there's a gag order from their divorce ... so she'd have to leave out plenty of the juicy details.
But now we're told Michael struck a deal with Dina's publishers at Birdstreet Books -- he'll sign a legal doc releasing Dina from the gag order ... if the company gives him his own book deal.
We're told Birdstreet already has what they believe is a lucrative contract for Michael to sign -- but it's not lucrative enough... so he's holding out.
The only real loser in this deal ... Lindsay -- of course.