... for now.
The ex-NBA star and former H.S. prodigy is out of prison just days after he was sentenced to 3.5 years in his gun case ... but there's a chance Telfair could end up back behind bars.
Here's the deal ... 34-year-old Telfair was convicted of possessing an illegal firearm stemming from a June 2017 incident where he was caught with an arsenal of weapons during a traffic stop.
He was facing up to 15 YEARS in prison for the crime ... but, instead, on Aug. 12, a judge ordered him to serve 3.