Eddie Murphy, Tracey Edmonds Engaged

Tracey Edmonds and Eddie Murphy Photo by: Jordan Strauss / WireImage

Eddie Murphy joked last Monday night about what kind of engagement ring he'd get for girlfriend Tracey Edmonds. Turns out he knew exactly what he was talking about: The pair got engaged two days later, Edmonds's personal assistant confirms to PEOPLE.

"Tracey and Eddie were engaged last Wednesday," says the rep. "Tracey and Eddie are both very much in love and are excited about spending the rest of their lives together."

The engagement, first reported by OK! magazine, came shortly after the couple stepped out at the July 23 premiere of Who's Your Caddy?, which Edmonds produced. She also was sporting a diamond sparkler on her left ring finger, prompting questions about whether it was an engagement ring.

"No, this isn't an engagement ring," Murphy, 46, clarified. "If I were gonna do an engagement ring, it would be much bigger."

Making a half-dollar-sized circle with his fingers over her ring, he emphasized, "This big!"

Later on, at the after-party, Edmonds and Murphy seemed "very comfortable with each other – happy and carefree," a guest observed. "They took photos with fans and chatted with friends and colleagues."

Earlier this month, Edmonds, who started dating Murphy last fall, had to shoot down rumors that she and Murphy split in the wake of the paternity case between Murphy and his former girlfriend, Spice Girl Melanie Brown, who gave birth to their daughter, Angel Iris, in April.

Edmonds, whose divorce from singer Kenneth "Babyface" Edmonds was finalized in June, said "the paternity test had no impact on our relationship," and that they were "very happy."

• Reporting by AMY KEITH and KIMBERLY LANSING