St. Louis DJ Will Apologize to Waka Flocka for N-Word Rants, But ONLY If ...

Waka Flocka is NOT a proud black man, according to the St. Louis area DJ who's unleashed multiple n-word laced attacks on the rapper ... but insists he's no racist.

Bob Romanik told us he's willing to stop calling Waka a "greasy n*****" if Waka makes a big change in his lyrics. He also claims his liberal use of the n-word doesn't make him a racist.

He offers an explanation, just not necessarily a good one.

We broke the story ... Waka is pissed the DJ is still on the air after using hate speech. Romanik claims Waka's guilty of doing the same thing, and says the FCC has yet to contact him.

As for Waka telling us he wants a face-to-face meeting to take matters into his own hands -- Romanik says he's down for that.