E! News has exclusively learned that singer/song-writer Mariah Carey is engaged to the Australian billionaire businessman after a fairy tale romance. And she said YES.

According to TMZ, Parker asked the big question at a secret dinner gathering at Eleven Madison Park with the singer's close friends and gave her massive engagement ring.

Billionaire casino mogul James Packer and singer Mariah Carey are engaged.

The couple met a year ago at a movie premiere in Aspen, and have been inseparable ever since. News that the couple have a special connection: "As soon as their friendship turned romantic, they have wanted to spend every moment together".

Though the ring is yet to make an appearance, the website reports that it comes in at around 35 carats.

Packer also happens to be Australia's fourth richest person, according to Forbes, with a fortune estimated to exceed $4.7 billion.

This will be the third marriage for the legendary diva, and you know what they say. third times a charm! She has two children, four-year-old twins Moroccan and Monroe, with Cannon.

As Carey and Packer celebrate the new chapter in their lives, IBTimes UK charts their love story so far. They were photographed leaving the restaurant and Mariah was beaming as she flashed the handsome ring.

They haven't set a date yet but one thing is for sure, it will be fabulous, sparkly and not at all understated! Carey was first married to music executive Tommy Mottola.

James has three kids with ex-wife Erica Baxter.

Mariah Carey has wasted no time in flashing her incredible engagement ring after accepting James Packer's proposal.