"Basketball Wives" star Shaunie O'Neal says it's not her fault three cast members were axed ... telling people she learned the news when everyone else did ... sources close to Shaunie tells

As previously reported, three major "BB Wives" were canned recently -- Jennifer Williams, Royce Reed and Kesha Nichols.

But Shaunie is telling friends, despite the accusations, the cuts were NOT made by her. Sources close to Shaunie (who is also an executive producer on the show) tell TMZ she was blindsided by the news. We're told Shaunie says the production company leaves her in the dark about everything after she butted heads with them over the violent direction the show was headed (i.e on-air brawls and cat-fights).

According to our sources, Shaunie is upset over the current situation and wants Shed Media (the prod. co.) to know ... she is willing to walk away from the series if it becomes something she no longer believes in.

Shaunie calling in to TMZ is not going to make anyone believe you. You should have been the main one advocating for these girls in order to protect your rep. Also its obvious Shed Media dont care about none of the cast members because everyone knew it would be a backlash if you fired these three girls instead of Tami and Evelyn.