Blac Chyna is Delivering Baby!!!

11:38 AM PT -- Khloe's ecstatic to be an auntie again saying, "My new niece is absolutely stunning!!! So thankful I was able to land in time to witness this miracle happen! Praise God!"

9:40 AM PT -- The kid's here. Chyna and Rob reportedly named their baby girl, Dream. She was born at 9:18 AM and weighed in at 7 pounds 5 oz.

Blac Chyna is at the hospital, getting prepped for the arrival of the first Kardashian heir ... TMZ has learned.

Kris Jenner and Corey Gamble just rolled into Cedars-Sinai Medical Center in L.A. We're told Chyna is in a posh suite upstairs, ready to deliver the baby girl by C-section. It was scheduled for 8:30 AM PT.

We're told grandma Jenner hired a bunch of bodyguards to protect the baby, Rob and Chyna ... but we're told they're mostly concerned about the baby getting photographed.

Our sources say there's a conflict a brewin' ... there are cameras ready to record the birth for a TV special, but some of what they want to shoot violates Cedars protocol and the family is going back and forth with the hospital.

Story and baby developing ...