Dwyane Wade and Gabrielle Union are tying the knot! The couple announced their engagement on social media on Dec. 21, and it sees like they couldn't hide their excitement.

"Sooooo this happened...#Yessss," the 41-year-old actress captioned an Instagram post showing off her diamond ring.

Wade posted the same photo of the ring on his Instagram account with message, "She said YES!!! @gabunion."

According to HollywoodLife.com, the ring is an "8.5 carat, 4-prong, cushion cut engagement ring" designed by jeweler Jason of Beverly Hills. The ring is reportedly valued to be an upwards of $1 millon.

"Ring is gorgeous. Love it! Looks like an excellent color and the clarity seems very good. It is cut beautifully. The setting is a simple platinum band with diamond set, so that the entire focus is on stone. It is quite a large stone but in very good taste. It is not garish. If this stone is an F VVS stone, the ring would run at least $800,000-$1,000,000," jewelry expert Shari Fabrikant of Robert Fabrikant Inc. in NYC t.ld HollywoodLife.com.

Wade and Union have been dating for since 2009, and the 31-year-old three-time NBA champion has gushed about the actress ever since. The Miami Heat player's favorite aspect about his new fiancée is the love she has for Zaire, his 11-year-old son from a previous marriage.

"She makes my eyes sparkle," Wade explained in an Oprah's Next Chapter interview in 2013. "The biggest time she makes my eyes sparkle is when [Zaire] comes home and homework is a little hard that day, so he's stressing, and she goes to the table with him and she sits down until he gets it... And at that time my heart is smiling a little bigger that day because I know her love is deeper than just me."

Check out the photo Wade posted of the engagement ring below!