Draya Michele -- ENGAGED TO NFL STAR ... 1 Month After Breakup (Update)

The on-again, off-again, on-again, off-again, on-again, off-again relationship with Draya Michele and Dallas Cowboys star Orlando Scandrick is back on in a big way ... 'cause they're ENGAGED!!!

Just one month after they called it quits, the "Basketball Wives LA" star announced that Scandrick suddenly popped the question at a movie theater in Sherman Oaks, CA.

"He got down on one knee and as soon as he started to talk I got nervous and couldn't help but to laugh hysterically. I was laughing and crying at the same time," Draya told People.

As for the ring ... we spoke to Orlando's famous jeweler Jason of Beverly Hills who tells us it's almost 7 carats, with a MASSIVE diamond in the center ... and it's valued at $400,000!!!

"Orlando is one of the most detail-oriented clients I've ever worked with. Orlando was very serious about keeping it a secret."

Draya and Orlando have been dating for roughly two years ... and for the past few months, Draya's been very clear that she wanted a RING on her finger.

Sooooo ...... congrats!