Penny Hardaway's Butch McRae Jersey From Blue Chips Movie Hits Auction Block

Butch McRae's Western University uniform -- rocked by Anfernee "Penny" Hardaway in the movie Blue Chips -- just hit the auction block ... over 30 years after the iconic basketball film hit theatres!

The white with blue and gold trimmed jersey and shorts, Champion size 46 top and size 38 shorts, is available for sale to the highest bidder at Grey Flannel Auctions ... with a starting price of $2,500.

The uni was photomatched to scenes from the movie ... with experts comparing the unique mesh pattern on the jersey to confirm the authenticity.

Of course, if you're a hoops fan older than your late-30s, you're likely very familiar with the cult classic ... which also starred Nick Nolte, who played Pete Bell, and Shaquille O'Neal, who portrayed Neon Boudeaux.

In the movie, Coach Bell, a principled man who is facing pressure to win, agrees to bend the rules in order to bring in young star players like Butch and Neon.

Despite having success on the court with the stud hoopers, the pay-to-play scandal is ultimately uncovered ... with Bell admitting what they'd done and resigning his position, ending his career as a top college coach.

As for McRae, he ends up leaving college early and playing professional ball in the NBA ... much like Penny in real life.

The auction will remain open until June 2.