Update

Mary-Kate Olsen Engaged to Olivier Sarkozy

Mary-Kate Olsen Engaged to Olivier Sarkozy
Mary-Kate Olsen
Pacific Coast News

updated 03/04/2014 AT 03:45 PM EST

originally published 03/03/2014 AT 07:40 PM EST

Sorry, Kanye West – Olivier Sarkozy may have had you beat in the over-the-top engagement ring department.

While Mary-Kate Olsen did the best she could do to cover her face from cameras during a New York City stroll on Monday afternoon, there was no hiding the gigantic bling that covered the finger.

Does this mean that Olsen's set to wed French banker beau Sarkozy? Yes, PEOPLE confirms.

"They were engaged for a bit before it came out," a source says. The couple have been enjoying their new status under the radar in Jamaica, where they vacationed for the last few weeks of February, PEOPLE confirms.



Dating rumors began to swirl between Sarkozy, 44, and Olsen, 27, about two years ago.

The pair have managed to keep their romance extremely private, but they haven't avoided being photographed out and about. From New York Knicks games to Parisian getaways, the cuddly duo have consistently packed on the PDA.

Although their 16-year age gap has raised eyebrows, Olsen has said, simply: "Everyone has an opinion. I find it's better to focus on what's in front of you and to keep putting one foot in front of the other."



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