Great news for Steve Francis ... his chain has been recovered -- this according to the Sauce Twinz, who tell TMZ Sports they're planning on giving it back to the NBA star in the next few hours.
We broke the story ... Francis was at a Sauce Twinz show in Houston when someone NOT AFFILIATED with the rap duo ran up on Steve and snatched the gold chain off his neck.
Now, the group's manager, Sauce Diddy, confirms the chain is currently with Big Sosa -- one of his artists who made a video (above) to prove he successfully recovered the necklace.
So, how'd Diddy get the chain? He won't get into specifics ... but police were definitely not involved.
Diddy says he's already been in contact with Steve's camp -- and plans to return the jewelry to its rightful owner by the end of the day.
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