A heart-shaped ruby ring that John Mayer gave girlfriend Katy Perry the day after Valentine’s Day has fans wondering if the couple is engaged, but according to The Sun, the lavish gift is just a commitment ring.

The British publication reported that Mayer, 35, bought the one-of-a-kind ring for Perry to celebrate a different milestone in their relationship: moving in together. Mayer reportedly dropped about $46,000 on the gift, which a rep for the Santa Barbara-based jewelry designer said he hand picked, People reported.

''It was purchased about a week ago in Daniel Gibbings jewelry boutique by John Mayer. It's a one-of-a-kind Daniel Gibbings ring featuring a 12-carat ruby high-dome cabochon heart-shaped centre, accented by two teardrop faceted tsavorites and rubies, set in 20 karat gold,” Gibbings’ rep told the magazine.

When asked whether the unique hardware might have been an engagement ring, the rep said that although Gibbings’ design doesn’t look like a traditional engagement ring, “it can be.”

"[Gibbings] uses a lot of texture. The style of his engagement rings are not the usual Neil Lane looking ring. They are definitely more trendy or boho," the rep said. 

But another source who spoke to the magazine flatly denied the rumor that Perry and Mayer are getting hitched any time soon.

''They aren't engaged and I wouldn't anticipate to see them engaged anytime soon,” the source said.

Despite the expensive gift, Mayer and Perry, 28, have had a tumultuous relationship. The couple was first spotted together in June, but allegedly broke things off for a short period a few months later, before being seen together again. But things seemed to get a little more serious for the two when the “Teenage Dream” singer brought Mayer home to her parents over the Christmas holidays.

"John really likes getting to know Katy's family better,” a source told People. "They've spent a lot of time together and really enjoy each other's company.”

Perry split from her ex-husband, Russell Brand, over a year ago, after 14 months of marriage. Brand later said that they divorced due to “incompatibility.”

Mayer, who has never been married, has been romantically linked to a number of high-profile female celebrities including Jennifer Aniston, Jessica Simpson, Jennifer Love Hewitt, Taylor Swift and Minka Kelly.