12:58 PM PT -- USC legend Willie McGinest couldn't be happier for Bush's return ... telling TMZ Sports the Trojans should roll out the red carpet for the former running back's comeback!
"When you talk about Reggie Bush and USC, some of the things he did is monumental," McGinest says. "He was one of the best college players to ever do it."
9:50 AM PT -- O.J. Mayo -- a superstar hooper for the Trojans in 2007 and 2008 -- is also getting his ban lifted ... with the team's Twitter account saying, "Welcome back, O.J. Mayo!"
"The highest drafted player in program history has officially been reinstated."
Mayo -- who was banned from the school for receiving improper benefits -- was a first team All-Pac-10 selection after averaging more than 20 points in his freshman season ... and went on to be the #3 overall pick in the 2008 NBA Draft.
8:05 AM PT -- It's official -- the BAN IS OVER ... so says USC.
USC President Carol L. Folt sent Bush a letter saying, "I am pleased to inform you that all restrictions and prohibitions on your involvement in our athletics program are officially removed and you will be afforded the privileges and courtesies extended to all Trojan football alumni."
Bush responded ... "I’ve dreamed of this day for 10-plus years, and I’m excited to come home!"
Reggie Bush's dissociation with USC is dissolving ... the school is expected to formally end his ban from the program this month after 10 YEARS of exile.
Bush was famously banished from having an affiliation with his alma mater way back in 2010 ... after an NCAA investigation determined the former RB received improper benefits during his time at the school.
As we previously reported, there was a major NCAA rule changerecently which basically reduced any major disassociation to a 10-year disassociation.
USC interim athletic director Dave Roberts pointed out that June 2020 would mark the 10-year mark ... and hinted the school would like to bring Bush back.
And now, according to ESPN, that's exactly what's happening -- with the two sides "in the process of finalizing an agreement that would allow [Bush] to be reinstated."
As we previously reported ... after Bush was busted, USC was hit with mega sanctions, including the loss of scholarships and being stripped of its 2004 national championship.
Reggie was also ordered to give back his 2005 Heisman Trophy.
Bush has been very vocal about the ban over the years, lamenting that USC had to pay so harshly for it all.
"It was a horrible feeling, one of the worst feelings in the world," Bush just told The Athletic last month. "It felt like I died when I had to hear that there weren’t gonna be scholarships for kids because of me or because of something connected to me."
"I'm still not over that. It’s just something you learn to live with."