We broke the story ... Sapp filed for Chapter 7 earlier this year after claiming he was millions of dollars in debt. He was forced to hand over nearly all of his possessions to a trustee, who's been tasked with selling the items to pay off Sapp's creditors.

But now, according to new legal docs filed in the bankruptcy case, Sapp has struck a deal with the trustee -- which will allow him to buy back a bunch of his old belongings ... including furniture, jewelry, a storage container and the rights to his missing 2002 Super Bowl ring (if it ever turns up).

All Sapp has to do is get a judge to sign off on the arrangement -- and pony up $69,284.58 in one lump sum.