“Jennifer is ecstatic and so are their families and friends. Very few people knew Alex planned on proposing. It was very much a surprise for Jennifer,” the source says. “It was just how Alex wanted it.”
Opening up about how Rodriguez’s decision to pop the question during the couple’s romantic getaway to the Bahamas was “very fitting,” the source explains that the destination “has always been very special to them.”
“Very early on in their relationship, they snuck away to the Bahamas to get to know each other in privacy,” the source adds.
The singer, 49, and former MLB player, 43, announced the happy news on Saturday, sharing matching photos of Lopez wearing her stunning diamond engagement ring as Rodriguez romantically holds her hand.
“She said yes,” Rodriguez wrote, while Lopez simply captioned the image with eight heart emojis.
Benny Medina, Lopez’s long-time manager, also confirmed the news, while Rodriguez’s rep Ron Berkowitz told PEOPLE on Saturday, “They are on vacation and got engaged today.”
As for what’s next for the couple, the source tells PEOPLE that “they will enjoy their engagement for a few days before they head back to work.”
“They have no wedding plans yet,” the source adds.
The pair have never been shy to shower each other with praise, and the source tells PEOPLE they’re “very much soulmates.”
“They are incredible together. Very much soulmates that bring out the best in each other and are so supportive of each other,” the source says. “From the start, they moved very quickly. Their relationship was always very passionate. Jennifer quickly fell very hard for Alex. And she quickly started planning for their future.”
Although the source adds that “there were talks about an engagement from early on,” Lopez then “realized that she wanted to live more in the moment” and “wanted to enjoy what they have together with the kids.”
Lopez was previously married to waiter Ojani Noa, dancer Cris Judd and Anthony, while Rodriguez settled his divorce from Scurtis in 2008.
RELATED VIDEO: Jennifer Lopez Celebrates ‘Two Years of Laughter,’ ‘Fun’ and ‘Adventures’ with Alex Rodriguez
Lopez and Rodriguez opened up to PEOPLE last December about how grateful they feel to have found each other.
“Jennifer has given so much to me and my kids over the last two years,” the former baseball star said. “Her best quality is undoubtedly her generosity. I see it every day and my kids see it as well.”
“Everything feels healthy and different,” added Lopez. “We bring something to each other’s lives that is profound, good and healthy.”
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.
In his own sweet post, the athlete wrote, “I can’t believe it’s been two years. Only 730 days, which have flown by, but it feels like we have been together forever. We are meant to be, and how much you mean to me cannot be put into words.”
“From baseball games, to traveling across the world to shows in Vegas. We have done it all together and every moment with you is cherished,” he added. “Where this road will take us next is unknown but there is no one else I would rather have by my side. The journey is just beginning and I am excited for what’s ahead.”