By Stephen M. Silverman
Updated November 06, 2002 01:00 PM

Ever since Jennifer Lopez was first spotted flashing a large rock earlier this fall on the set of “Jersey Girl,” her upcoming romantic comedy with her real-life romance Ben Affleck, rumors of an engagement have flared — and been denied — on a weekly basis.

Now, PEOPLE reports in its latest issue, sources confirm that the 30-year-old bachelor has presented Lopez, 33, with a pink-diamond solitaire he chose himself and had custom-made by jeweler-to-the-stars Harry Winston within the past month.

“She was very surprised — and she’s not used to being surprised,” a friend tells the magazine of Affleck’s proposal. “Everybody’s in a love-fest mood.”

A source tells PEOPLE that the pair hoped to keep their engagement a secret until Lopez spilled the news in her interview with Diane Sawyer on ABC’s “Primetime” Nov. 13.

Then there’s the little matter of ex-husband No. 2. Though Lopez and dancer-choreographer Cris Judd announced their split last June after just nine months of marriage and filed for divorce two months later, she can’t remarry until the divorce is finalized on Jan. 26, 2003.

Since meeting on the set of the mob comedy “Gigli” last winter and going public with their relationship in July, Lopez and Affleck have been practically joined at the lip. Between kisses — in restaurants, parked cars and stores from Manhattan to Miami to L.A. — they’ve indulged another common passion: shopping. In Philadelphia they laid out more than $1,000 on designer togs; in Coral Gables, Fla., they picked up an estimated $200,000 Aston Martin sports car; on a trip to Atlantic City back in August, Affleck dropped $50,000 on a Rolex for his beloved and another for her mother, Guadalupe, 56.

“Her family really loves Ben,” says a source close to Lopez.

The pair have also made several trips to his home state of Massachusetts, where they stopped in on Affleck’s mom, Chris, 59, visited his grandmother and even ducked into Boston’s landmark Trinity Episcopal Church.

Sources say Lopez and Affleck intend to tie the knot on Valentine’s Day, though they are still leaving themselves open to a possible change of, um, heart.

For more on the J.Lo-Ben romance and the story behind their hush-hush engagement, pick up this week’s issue of PEOPLE.