Note: Katy Perry's new ring doesn't mean she's engaged to John Mayer

Speculation that Katy Perry may have gotten engaged to her boyfriend, John Mayer, exploded like a firework after she was spotted wearing a heart-shaped ruby ring on her ring finger after Valentine's Day. But shhhhh, calm down, everyone. They're not engaged, a source has told People. That's not to say the ring means nothing. A rep for jewelry designer Daniel Gibbings, who made the bauble, said Mayer selected the ring himself, so at the very least it was a heartfelt gift. The rep also said the ring "can be" used as an engagement ring, but in this case, that just doesn't seem to be the case. Sometimes teenage dreams die hard. [Source]

Click msnNOW.com, updated 24 hours a day.