HOLY SMOKE -- CARDINALS DECIDE ON POPE!

White smoke is coming out of the holy chimney at the Vatican ... signaling that Cardinals have finally selected a NEW POPE!

The THOUSANDS of people who are waiting at St. Peter's Square are going crazy right now -- cheering, shouting, praying. The place is packed ... it's like Pope-chella.

It only took the Cardinals 5 rounds of voting during the secret conclave in the Vatican to select the Catholic Church's new fearless leader.

The new pope is expected to be announced to the world within the hour.

Dennis Rodman is so happy right now ...

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