Sean “Diddy” Combs wants out of federal lockup really badly … he’s proposed a $50 million package to secure his release on bail until his trial begins.

Diddy’s team filed the offer with the federal court, and it’s an impressive offer in terms of the assets he’s willing to lay on the line. According to the docs, Diddy says his mansion on Miami’s Star Island would be offered up as collateral … that’s worth $48 million, and his mother’s Miami home would cover the remaining $2 mil.

He’s also willing to have his travel limited to Florida, NY and New Jersey. Presumably, he would live in Miami and travel to the NY area to face trial. Diddy says he’s willing to wear a GPS monitor, so the feds can track his whereabouts.

Interestingly, Diddy says he’s been prepping for the day he was arrested … because he paid off the remaining $18 million he owed on the Miami home, so he’d able to offer it as collateral. Additionally, he says he informed the feds in May that he was trying to sell his private jet — and although he hasn’t found a buyer yet, he’s promised to park it in Los Angeles while he remains in Florida.

As we reported, the feds have already let the judge know they don’t want Diddy to be released on bail, as they claim he poses a danger to society and is a flight risk.

In his docs, Diddy says he surrendered his passport to his attorneys back in April … along with those of his mother and his children.

We’ll see what the judge says when Diddy appears in federal court at 11:30 AM PT.