Credit: Splash News Online

Steven Tyler is engaged to his girlfriend Erin Brady.

The American Idol judge proposed with a ring made by jewelry designer Loree Rodkin.

"Having made Steven's jewelry for so many of the past years it was an honor to be part of his future... with all my love to Steven and Erin," Rodkin told Us Weekly in an exclusive statement.

The dazzling ring is an original design by Rodkin. It is a 5 carat brilliant cut diamond set on a micro pave diamond and platinum band. Tyler has been a fan of Rodkin's work for many years.

Rumors of the engagement started circulating earlier this week when the American Idol judge and his 38-year-old girlfriend were snapped in Hawaii with Brady flashing the new accessory on her engagement finger. 

On Wednesday his rep told Us Weekly they had "no comment" when asked whether the 63-year-old was tying the knot for the third time. 

Tyler was married to clothing designer Teresa Barrick from 1998 to 2006, and to Cyrinda Foxe from 1978 to 1987.