Michael Phelps -- WANTED for New Olympic Gig

Forget all that retirement talk, Michael Phelps will NOT be done with the Olympics after the London games ... that is if network honchos can lock him into a new job -- sports announcer.

TMZ's learned TV execs are drooling over the chance to get Phelps under contract once he wraps up the Games as the most decorated Olympian of all time.

One source, high up at NBC Sports, told us ... "The man is smoking hot right now" -- and they "would definitely hire Michael" to cover the Olympics in 2016, and other world sporting events between now and then.

Phelps is adamant London will be his swan song -- and he will retire as the most well known Olympian on the planet ... so, if he chooses to get in the broadcast game there will be a massive bidding war.

NBC holds Olympic broadcasting rights through 2020, so they'd seem to be in the driver's seat -- but a source at ABC told us, "If he would, we would gladly scoop him up to work for us."

As for his potential salary ... it's a simple formula:
MP x 19 (possibly 22) Olympic medals = GAZILLIONS.