It’s that time of year … Magic Johnson’s annual MEGAYACHT ITALIAN VACATION — and this year, he’s on the most expensive yacht yet!!!

Magic — along with LL Cool J, Rodney and Holly Robinson Peete and others — are sailing off the Amalfi Coast on a yacht called the Aquila … a 281-foot ship that costs $950k per week to rent!!!

The ship is INSANE … it’s like a floating mansion/hotel all in one — with a crazy gym, dining room area, movie theater, hot tub, massive outdoor deck, 2 massage rooms and its own NIGHTCLUB!!!

The ship officially fits 12 guests and has a crew of 28!!!

Usually, Magic’s Italian vacations last around 6 weeks … so if ya do the math, we’re talking $6 MILLION!!!!!

And, of course, Magic usually hosts a rotating group of super famous and wealthy friends including Samuel L. Jackson and Steve Harvey … so keep your eyes out for them.

Back in 2017, Magic and the rest of the Johnsons sailed on a ship called the Siren, which runs about $700,000 per week — chump change for Magic.

What’s funny about this story … Magic quit his job with the Lakers this year (which reportedly paid $10 mil per year) and he’s STILL balling out like a boss!!! Bigger than ever!!!

So, have fun, Magic … we’re all super jealous.