Rick Ross Eyeing $37 Million Star Island Mansion, Plans Major Renovation

Rick Ross is set to expand his kingdom soon with the pending purchase of a luxury crib smack dab in the celeb hotbed of Miami Beach's secluded Star Island.

Sources with direct knowledge of the sale tell TMZ Hip Hop ... Rozay is under contract to buy a 6-bedroom, 9-bathroom mansion for a cool $37 million!!!

We're told the sale is expected to close in the next few weeks, and Ross plans on shelling out even more big dough to renovate the palace to his liking.

The house has been on the market since May and sports 40,000 sq. ft., along with royal amenities such as a heated pool, a summer kitchen, an entertainment room, and plaza deck terraces throughout.

Star Island will be even more lit with Rick on the block ... joining neighbors like his party pal Diddy, J Lo and Shaq.

Rozay's real estate empire has grown considerably this year.

Back in April, he scooped up Meek Mill's Atlanta mansion for $4.2 million -- but, now the Boss is coming home, Miami!!!