Dwyane Wade -- DROPS NEW $20K WATCH ... It's Part Alligator!

Dwyane Wade's back in the watch game -- dropping a brand new $20k timepiece with Hublot ... and it's made with real alligator.

It's called the Classic Fusion Dwyane Wade -- designed with Miami Heat colors -- and it includes 18 karat gold parts, sapphire and an alligator strap.

The watch it Wade's second design with the company -- they released one back in 2011.

Wade isn't the first superstar to release a watch with Hublot -- Jay Z partnered up with 'em last year and released a version of his own.