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Sorry, Lakers ... the Zen Master is NOT returning to L.A. -- this according to Phil Jackson's fiancee Jeanie Buss.

The rumors have been swirling for months ... with several NBA insiders hinting that Jackson may have a secret exit strategy in place to leave his gig as president of the Knicks and return to Laker Land.

But Jeanie (co-owner and president of the Lakers) says it's 100% BS -- telling TMZ Sports, "Don't listen to that ... Phil is in New York. He signed a 5 year deal."

As for rumors that Kobe Bryant may join the Lakers front office -- Jeanie says, "Kobe can do whatever he wants."