Lopez, 43, already faced engagement rumors in March and June, at least one time because she also had a ring on that finger. So is she really headed down the aisle now?
One source tells PEOPLE she's "not even close," adding that the bling is nothing more "than a pretty ring."
Another source also believes the pair isn't set to say, "I do" any time soon.
"He can't afford that ring," the source tells PEOPLE. "This ring could just be for their anniversary. She's in the middle of her tour and her manager doesn't want her distracted. He wants her to focus, and an engagement would distract her too much."
The former American Idol judge – who divorce from Marc Anthony is still not believed to be finalized – has publicly gushed that Smart, 25, is "so cute."