Is love - and a sparkly new ring - in the air for singer Demi Lovato and her boyfriend Wilmer Valderama? There are rumors floating around claiming that the former "X Factor" judge is engaged to Valderama. On Jan. 29, a fan tweeted a picture of the couple together on the set of the actor's new TV show "From Dusk Till Dawn."

In the photo, Lovato and Valderama looked happy and in love. That same day, Lovato posted a photo on her Twitter page showing off her new hot pink hair as she holds a coffee cup. Several people pointed out that the "Heart Attack" singer was also rocking some new jewelry - a ring on that finger. She captioned the photo with a bunch if pink and purple hearts.

Right after uploading the picture she tweeted: "Soooo I don't think I've ever been happier in my life than this very moment that I am fully living in..."

It hasn't been confirmed whether the lovebirds are engaged but the rumor comes right after OK! Magazine reported that the singer told Valderama that he needed to stop partying if he wanted to take their relationship to the next level.

Reportedly, he did stop and told his friend's that he was ready to propose. Hollywood Life also reported that the "That 70s Show" star was spotted buying a ring at Tiffany & Co. in November.

"Yes, Wilmer did buy a ring here," a Tiffany employee told the site. "We all talked about it afterwards because was so damn nice!!"

"He chose a really classic, beautiful ring," the employee continued. "Demi is going to be a happy girl when she gets it. He didn't say what it was for but he was really excited and happy - he seemed like any other guy getting ready to pop the question."