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1:47 PM PT -- Flair is out of surgery and resting, a rep for WWE tells TMZ Sports.

Unclear how the surgery went but we're told Ric's family is by his side and they're waiting to meet with doctors.

Ric Flair is in a medically induced coma and is preparing for surgery ... a rep for the WWE tells TMZ Sports.

The 68-year-old wrestling icon was admitted to the hospital early Saturday morning and the situation has gotten more serious.

We're told Flair is set to undergo a procedure momentarily, though we're not being told what the procedure is ... though Pro Wrestling Sheet is reporting that it's a heart related issue.

Flair's rep had previously asked for thoughts and prayers for the Nature Boy.