The singer has sported rings on "that" finger before, but they've usually been pretty subdued pieces, so the engagement rumors never gained too much traction based on the bling.
At the Elle Style Awards on Tuesday night, however, Katy was wearing a solitaire diamond sparkler that literally stopped us in our tracks.
Did boyfriend John Mayer FINALLY pop the question? The couple has definitely been more public about their romance in recent months AND John hung with Katy's parents after the Grammys last month, so he totally could have asked for her dad's blessing.
As if that weren't enough, Katy caught the bouquet during the mass wedding at the awards show earlier in the evening, so it would only make sense that she's the next to tie the knot!
Also, it was Valentine's Day over the weekend, so talk about perfect timing.
Or, maybe Katy is just messing with us?
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Gallery | Katy Perry and John Mayer