Katy Perry stepped out on Valentine's Day with a gift from her boyfriend John Mayer: a heart-shaped ruby ring that she wore on her left ring finger to make the paparazzi explode. TROLOLOLOLOLO.

Now rumors are flying that the couple plans to wed, despite their reps neither confirming or denying an engagement.

That said, an oh-so-trusty source told People that the couple are "not engaged," so do with that what you will.

Before you force your significant other to rush out asking for “that hideous ring Katy Deschanel has,” you should know that Mayer chose a one-of-a-kind bauble designed by jeweler Daniel Gibbings. So despite its appearance, you probably can't afford it.

A rep for Gibbings says Mayer was “really super nice” while shopping for the gem and that while it's not a traditional engagement ring, there's nothing to say it couldn't be one. “The style of [Gibbings'] engagement rings are not the usual Neil Lane-looking ring. They are definitely more trendy or boho.”

Even if it's not an engagement ring and merely a promise ring or Nuva ring or whatever it is, the couple have still allegedly been planning future nuptials of a low-key nature.

“Katy and John want to have a really intimate traditional ceremony with only their closest friends and family. They’re both from fairly traditional families and don’t want a big party,” a source revealed, adding that the pair wants to get married in Perry's hometown of Santa Barbara, Calif.

Continued the tattler, “Katy always swore she wouldn’t rush into marriage again, but they get on so well and she really thinks he’s changed. His friends can’t believe how much she has tamed him, and Katy’s parents absolutely adore him.”

Mayer added fuel to the marriage fire when in a recent interview he said he could see himself settling down one day. Cue the media dragging them down the aisle for at least the next few years.

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