Steve Francis Wearing $1 MILLION Necklace During DWI Arrest

Steve Francis was BALLIN' OUT during his drunk driving arrest -- claiming he was wearing a $1 MILLION chain when cops took him into custody ... this according to the police report obtained by TMZ Sports.

As we previously reported, the ex-NBA star was popped for DWI in Houston on Saturday night -- and allegedly threatened revenge on the arresting officers.

He was taken to a nearby police station where he was booked -- and while there, cops noted the "property" he had on him at the time ... which included a bunch of weed.

According to the police report, Francis' chain was a "yellow metallic necklace with 'M'" ... valued at $1,000,000. We're told the value was provided to the police by Francis himself.

Cops say he also had 21.92 grams of weed with paper rolls ... which seems a lot to most people but as one stoner in our office put it, "It wouldn't get Snoop out of bed in the morning."

The police report also lists Francis as 6'3", 220 lbs ... about 25 pounds heavier than his playing weight.