Alex Rodriguez and Jennifer Lopez Are Not Engaged But She's Wearing Ring of 'Significance'

Alex Rodriguez is setting the record straight about Jennifer Lopez's new diamond ring.

The former MLB player co-hosted the Today show Wednesday morning with Kathie Lee Gifford and Hoda Kotb and took the opportunity to discuss the rumors surrounding his relationship with the World of Dance judge.

"By the way, we love Jennifer and we noticed she had a ring on. We saw it in the picture. It's so beautiful," Kotb shared as photos from the singer's birthday party flashed on the screen. "I wonder if Alex got that for her for her birthday. Then we're like, what finger is that on? Now we're wondering, what is going on here?"

A-Rod wasted no time clearing up the engagement rumors, E! News reports.

"I did give her that ring. I gave her that ring probably about four or five months ago," Alex confessed. "So I got her that ring. She loved it and look how beautiful she looks."

As far as what the lavish gift means for the couple?

"Of course it has a significance," he shared. "[But] no, we're not engaged. We're not engaged."

Instead, the celebrity couple continues to enjoy their time together, which included a family-friendly birthday trip to the Bahamas. When Kathie Lee and Hoda brought up how happy everyone looks, the businessman explained why the relationship works.

"To be honest, if this happened when we were in our 20s, it would have never happened. It was just too much craziness. I wasn't mature enough," Rodriguez explained. "Boys, we've got to get our dumbness out of the way."

"We're in our 40s. We're both from New York. We both come from Latino backgrounds. Both have two kids. We've both been through a lot and can really appreciate each other for the good and the challenges," he continued.

This is far from the first time the couple has sparked engagement rumors. Back in April, fans speculated the couple might be taking the step further in their relationship after Lopez released her Spanish-language track "El Anillo", which translates to "The Ring."

At the time, Lopez gave insight on the relationship.

"We're good right now," she said. "I'm not trying to rush into anything, I've done that before, to no avail. I'm a little bit more grown up now and I like to let things take their natural course. We are really kind of good for each other and are really having the best time and our kids love each other."

Gotta love these two!