Brad Barket/PictureGroup; Larry Busacca/WireImage
Alison Schwartz
November 15, 2010 12:45 PM

It is the ultimate race to the altar!

Nearly five years after Jessica Simpson and Nick Lachey split – a mutual decision after three years of marriage – both stars are officially ready for round two.

Just a week after Lachey, 37, popped the question to longtime girlfriend Vanessa Minnillo, 30, whom he began dating in 2006, Simpson’s beau, NFL player Eric Johnson, seemingly took a hint.

FIRST LOOK: Jessica Simpson’s Ruby Engagement Ring!

Johnson, 31, proposed to Simpson, 30, and now she has the ring to prove it.

Timing aside, however, a source tells PEOPLE that Johnson “had been planning the engagement for awhile and the date of the engagement was a special date for them.”

Reporting by LESLEY MESSER

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