Jennifer Lopez and Alex Rodriguez Are Engaged! See Her Stunning Ring

A source tells PEOPLE Alex Rodriguez popped the question during the couple's getaway in the Bahamas

Jennifer Lopez’s love don’t cost a thing — but a ring!

The singer is engaged to former MLB player Alex Rodriguez, he announced via Instagram on Saturday.

“She said yes,” Rodriguez, 43, captioned a photo of Lopez, 49, wearing her stunning diamond engagement ring as he holds her hand.

Lopez shared the romantic image on her Instagram, too, including eight black heart emojis in her caption.

Benny Medina, Lopez’s long-time manager, also confirms the news, while Rodriguez’s rep Ron Berkowitz tells PEOPLE, “They are on vacation and got engaged today.”

According to an insider, Rodriguez popped the question during their getaway in the Bahamas.

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Jennifer Lopez and Alex Rodriguez. Jennifer Lopez/Instagram

“Everyone is super happy for both of them,” a friend of the couple tells PEOPLE.

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The news comes nearly seven weeks after the couple celebrated their two-year anniversary on Feb. 3.

“You make my world a more beautiful safe and stable place … in the midst of our ever-changing, ever moving life,” she wrote in part in a touching Instagram post.

“We are meant to be, and how much you mean to me cannot be put into words,” he penned in part in a post of his own.

“Everyone wants a fairy tale. They all want a romantic comedy, a happy ending. We all do,” Lopez told USA Today in an interview published in December. “But it’s not a movie, even if you see us on Instagram or on the shows.”

She continued, “We’re happy. We’re taking it day by day. And it’s great.”

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A source confirmed to PEOPLE in March 2017 that Lopez and Rodriguez “have been dating for a few weeks.” The former New York Yankee confirmed their relationship status shortly after during an appearance on The View, and the pair — dubbed “J-Rod” — made their red carpet debut as a couple at the Met Gala in May 2017.

“It was just one of those things where you feel compelled to do something you wouldn’t normally do,” she said in a joint Vanity Fair cover story of their choice to step out.

Lopez and Rodriguez celebrated their one-year anniversary on Feb. 3, 2018, in Minneapolis at a Super Bowl LII pre-party, where the singer performed her single “Us,” which was inspired by her then-beau.

“We’ve been together for one year today,” Lopez — who wore a jersey emblazoned with Rodriguez’s Yankees jersey number, 13 — told the crowd, which included her boyfriend and his kids. “I don’t want to get all mushy or anything, but Baby, this song’s for you. I love you.”

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The Second Act star originally met her now-fiancé in 2005 at Shea Stadium when the Yankees played the New York Mets. In the winter of 2016, she re-approached him outside a Beverly Hills, California, restaurant where she was having lunch; later that day, Rodriguez called her to have dinner, and they went on their first date at the Hotel Bel Air. Sparks flew instantly.

“I understand him in a way that I don’t think anyone else could and he understands me in a way that no one else could ever,” Lopez told Vanity Fair. “We put so much pressure on ourselves to be great, to be the best all the time. We understood that about each other. When we came together it was, ‘Oh my God, I was the same way.’”

Both superstars are focused on family. Early into their relationship, the A-list pair met one another’s children: Lopez has 11-year-old twins, Maximilian David and Emme Maribel, with amicable ex Marc Anthony; and Rodriguez has two daughters, Ella Alexander, 10, and Natasha Alexander, 14. Their broods have even spent holidays together, from Thanksgiving to Christmas.

Alex Rodriguez/Instagram

Our kids get along really well. We’re both from New York, we’re both Latin, we’re both in our 40s, we’re really enjoying life, but she really is one of the most impressive and smartest human beings I have ever met,” the athlete told Extra in June 2017.

“He’s a loving father,” Lopez told Extra in July. “He’s a generous human being with his family, with his friends, with me. He’s caring and sweet and capable and responsible and just all the beautiful things you would want a man to be.”

The couple teamed up in October 2017 to organize a disaster relief telecast and concert to benefit Hurricane Maria victims in Puerto Rico. That same month, the Shades of Blue star listed her $27 million N.Y.C. apartment so she and Rodriguez could find a place “for the whole family,” a source told PEOPLE at the time. “They are starting to make more financial decisions together. It’s nice for Jennifer to be with a man who has his own money and spends it wisely.”

From the start, the pop star has always been “The One.” A second insider previously told PEOPLE that Lopez is on “another level” for Rodriguez when compared to his past girlfriends. “She’s amazing. She comes to this dinner and there are 20 people there, a lot of sports celebs and big guys in the business, and she can sit right down with them and start talking sports,” added the source. “She loves baseball.”

Lopez also enjoys hitting the gym with her husband-to-be. “Jennifer and I work out together,” Rodriguez told PEOPLE in August 2017. “We like to lift, and we enjoy bike riding. She is a talented jock.”

Before making it official, Lopez and Rodriguez were no strangers to engagement rumors.

“Their relationship from the beginning was very passionate, and they moved quickly,” a Lopez source told PEOPLE.

While planning a future together, Lopez and Rodriguez are focused on their children’s happiness. “Life is all about family for both of them,” the source told PEOPLE. “Besides the fact that Jennifer and Alex always had a strong attraction to each other, this seems to be the main reason why their relationship works so well. The kids always come first for both of them.”

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