Michael Richards‘ Laugh Factory ban could come to an end … ’cause the owner’s open to having him back — if he’s truly learned the error of his ways.

Jamie Masada — owner of the iconic comedy joint in Hollywood — tells TMZ … he booted the actor-comedian for good after his infamous 2006 rant at the club because he believes hate speech isn’t acceptable, so Michael earned himself the ban for his racist remarks.

But, Masada says he believes in second chances and doesn’t want to hold a grudge, so Michael could make a return to the venue … but, only if he’s truly a reformed man.

As we reported … Richards told People he’s not looking to make a comeback by stepping back into the limelight with his new book and public appearances — while also maintaining he’s never been a racist, despite his reprehensible rant.

Worth noting … Richards reportedly says in his book, he and the heckler who said he wasn’t funny both “ended up at the bottom of the barrel” — which Masada’s kinda calling BS on.

Jamie says he was at the club the night everything went down … and the group wasn’t actually heckling Richards, but simply talking during his set.

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When Michael demanded they tell the room what they were talking about, one of the men told him he wasn’t funny … then Michael totally lost it, repeatedly screaming the n-word. Jamie doesn’t think their actions were equal at all.

Michael may say he’s not looking for a comeback … but sounds like some people may give him the chance to make it — if he’s ready to show he’s changed.