On Valentine's Day, when the musical duo stepped out for a romantic date, Katy was spotted wearing a ring on THAT finger.
Of course, this isn't the first time the two have toyed with us. Katy was spotted wearing a gold band on her finger during the couple's recent Disneyland date AND she was wearing one at the 2013 MTV EMA Awards back in November.
It would be really cute if John popped the question on V-Day, but that might be a touch too cliche for the super romantic singer-songwriter.
Also, Katy recently told GQ magazine that she's in "no rush" to walk down the aisle again. "I'm just having a wonderful experience with a wonderful guy. There's no rush," she told the mag.
So, there IS a ring on it, but we're guessing her other half didn't put it there.