MSNBC reports that Mariah Carey is supposedly engaged to rapper/hip-hopper Nick Cannon. Don’t you think he could have forked out a little more cheddar to get her a nicer ring? This damn thing looks like something you get at the supermarket vending machine.

It appears Mariah Carey and Nick Cannon are ready to make beautiful music together.

A source close to Carey has confirmed to Access Hollywood that the music diva is engaged to Nick Cannon.

Reps for both singers were unavailable for comment.

The couple sent the rumor mill into overdrive when 38-year-old Carey (with Cannon on her arm) was seen sporting a dazzling new piece of bling on her ring finger at the after party for her Tribeca film, “Tennessee,” in New York.