Orlando Magic star Paolo Banchero is about to make the jump to elite status … so says Wendell Carter Jr., who tells TMZ Sports there’s no doubt in his mind his teammate will contend for the NBA’s Most Valuable Player award this season.

The 21-year-old former No. 1 overall pick improved in nearly every statistical category in his sophomore outing … earning himself All-Star honors after averaging 22.6 points, 6.9 rebounds and 5.4 assists — and leading his Magic to the playoffs.

Many expect the former Duke standout to build off that momentum in his third season —  including Carter, Jr., who spoke highly of the young hooper while out at LAX this week.

For what it’s worth, the betting odds for Banchero to hoist the Michael Jordan Trophy this season are +50000 … so if you trust WCJ’s prediction, there’s a ton of money to be made.

As for his squad, Carter, Jr. also expects them to take things to the next level in the postseason … and he truly believes they can build off taking the Cleveland Cavaliers to Game 7 in their first-round matchup last year.