This is hilarious.  “real sh*t dude  … Alchemist-Vanilli.”

You boy Alc just sonning TMZ.  This is the story they ran.

It’s been 21 years since Milli Vanilli was exposed as a couple of lip-synchers — but TMZ has learned, one half of the infamous duo is planning a revolutionary REAL-VOICE comeback … with Eminem‘s DJ.

The DJ in question — named The Alchemist — dropped the bombshell in L.A. recently .. telling TMZ, “I’m working on a joint with Vanilli … Vanilli’s making a comeback.”

And according to the Alchemist, Vanilli — real name Fab Morvan — is bringing his real voice to the recording sessions, adding, it’s “real sh*t dude  … Alchemist-Vanilli.”

We spoke with Vanilli’s rep — who tells us Fab is DEFINITELY serious about his comeback … and has recently worked with DJ Tiesto … one of the biggest DJs in the world.