Drake -- Rockin' Icy Championship Ring (PHOTO)

Drake is set to shut down Toronto with his performance at OVO Fest tonight ... and when he hits the stage, he'll likely be rockin' some new ice.

Drizzy hit up social media last night and posted a pic of a diamond encrusted "championship" ring ... made by celeb jeweler Dave Bling ... who's hooked up huge star athletes and musicians.

What could Drake possibly be celebrating? Maybe the total obliteration of rap foe Meek Mill -- which is earning him huge props from almost everyone -- including athletes like Odell Beckham Jr. and Brandon Jennings.