NBA Star Gilbert Arenas -- Buries the Hatchet with 'Basketball Wives' ... For Now

It's a win-win situation for NBA star Gilbert Arenas -- a judge has granted his request to officially drop his lawsuit over his fiancée's role on "Basketball Wives" ... but gave him the option to bring it back whenever he likes.

If you recall, Arenas sued Shed Media last year in order to stop "BB Wives" from airing ... all because he felt his baby mama, Laura Govan, had no right to exploit his name on reality TV. When a court shot down his request to axe the show ... he continued to sue for cold, hard cash.

But after the former exes got engaged, Arenas changed his tune and asked for the suit to be dismissed, but only if he could still pick it back up -- a condition the the show vehemently begged a court not to allow.

Earlier this week, the court sided with Arenas ... dismissing the case like he asked and made it possible to bring back any time he wants (ya know if the whole marriage thing doesn't work out) ... and all Arenas has to do is cover the show's attorney fees to the tune of $32,618.