EXCLUSIVE

Gilbert Arenas‘ infamous $111 MILLION contract with the Washington Wizards is finally about to expire … and Gilbert says he will be so poor, he won’t be able to afford private school for his kids. 

Gilbert signed the 6-year guaranteed contract back in 2008 — but according to new court filings in his family law case, obtained by TMZ Sports, Arenas will get his last installment on October 31st (the contract was paid out over 8 years).

It was good while it lasted … and Gilbert knew it when he spoke to our photog about the contract in 2013.

The problem, Arenas says … is now that he’s no longer getting NBA checks, he’ll only earn $169,895 per year in investment income … not enough to live the BALLER lifestyle he’s used to. 

So, Arenas says he has to make some serious cuts — and one of the items on the chopping block is the private school where he sends his kids … which runs $91,600 per year. 

“I anticipate that the children will need to transfer to public schools in 2017 and beyond.”

For the record, Arenas reportedly made more than $160 MILLION during his NBA career … not including tens of millions in endorsements.