03/14/2006 AT 02:00 PM EST
03/14/2006 AT 01:00 PM EST
Nicollette Sheridan and Michael Bolton are engaged, the actress's rep tells PEOPLE.
At a post-Oscar party earlier this month, Sheridan, 42, flaunted a huge rock on her left hand, but when asked if she and Bolton, 53, had an announcement, she said coyly, "No. Do you?"
Asked about engagement rumors in January, Bolton told the New York Daily News: "Nicollette and I are very serious about each other. ... I am very committed. It is a very special time in my life. I have a good feeling about the future."
The couple, who rekindled their romance last year after Sheridan's split from fiancé Nicklas Soderblom, dated for several years in the early '90s. In 1994 Sheridan, who stars on Desperate Housewives, said she hoped to have "the ultimate relationship" with Bolton. Now it looks like they will.
As PEOPLE reported earlier this year, Bolton serenaded Sheridan with an impromptu New Year's Eve mini-concert in Hawaii, as the pair partied at the Kahala Mandarin Oriental.
Sheridan was previously married to L.A. Law actor Harry Hamlin. The pair wed in 1991 while she was starring on Knots Landing. They separated the following year.
Bolton has three daughters from a previous 15-year marriage to Maureen McGuire. They divorced in 1990.