Terrell Owens to Wranglers -- You Breached My Contract ... Get Ready for a Lawsuit!!

Terrell Owens ain't taking his latest pink slip laying down -- TMZ's learned he's considering a lawsuit against the Allen Wranglers ... claiming they breached his contract when they 86'd him yesterday.

Sources close to T.O. tell us the former NFL superstar is pissed because Wranglers execs blasted him for skipping a team appearance at a children's hospital. We're told T.O. believes he was not required to attend the event by the terms of his contract -- and as a result he feels the team is in breach.

A rep for T.O. confirms he's considering a lawsuit, saying ... "Mr. Owens' legal team is addressing the details of the Wranglers release statement."

The rep added, T.O. "played all games according to his contractual agreement and was proud to be part of the IFL and the Allen Wranglers."

For his part, T.O. is only saying he wishes "the Allen Wranglers all the best moving forward."

In court?