Jennifer Lopez's decision to flaunt a diamond ring on a very important finger has fueled rumors that marriage may be in the cards for the longtime singer and her 26-year-old boyfriend, Casper Smart.

Lopez, 44, was spotted showing off the rumored engagement ring at the opening of the Viva Movil flagship store in Brooklyn, N.Y., Friday to promote her phone case line. A rep for the former “American Idol” judge and “Dance Again" singer immediately denied the engagement reports to the Daily Mail. The marriage would have been the fourth for Lopez, who split from singer Marc Anthony in 2012, also divorcing former husbands Chris Judd in 2003 and Ojani Noa in 1998.

Despite Lopez denying rumors of an impending union, People magazine reported Monday that the ring in question is confirmed to have been a gift from Smart, a backup dancer who the singer has been dating since 2011. The ring, which was described as being a '40s gold and diamond ring, was reportedly purchased at Platt Boutique, a vintage store in Los Angeles.

See photos of Jennifer Lopez wearing her alleged enagement ring here.

According to store owner Larry Platt, Casper was adamant about finding a perfect ring for his leading lady. “He was looking for vintage pieces that had a chic, modern feel to them. He told me that there are only two pieces of jewelry that Jennifer wears on a daily basis, so he wanted to pick pieces that he felt she would wear all the time and could go with everything,” he said. “He has a very good eye and knew what he wanted.”

Lopez last made headlines earlier this month for her controversial participation in a private performance for 56-year-old Turkmenistan leader Gurbanguly Berdimuhamedov. The singer, who reportedly earned $1.5 million to sing “Happy Birthday," was flamed for engaging with the leader, who is known for publicly disregarding human rights. A rep for the singer apologized on her behalf via Us Weekly, claiming she would not have attended had she been informed of his political stance.