Meg Ryan Flashes Engagement Ring From John Mellencamp on Red Carpet

Meg Ryan is flaunting her new bling. The 56-year-old actress put her brand new sparkler courtesy of John Mellencamp on full display while honoring her When Harry Met Sally co-star Billy Crystal at the Friar's Club Entertainment Icon Award event in New York City on Monday.

Donning a sheer Roland Mouret gown with floral appliqués, the engagement ring stood out among the glitzy cuff of her long-sleeved dress, hoop earrings and other rings. Click here to see a photo of Ryan's look at the event, including a good look at the engagement ring.

Ryan confirmed her and the musician's engagement on Instagram Thursday following speculation from fans after she wore the diamond ring last week out in New York City. The couple has dated off and on since 2011, so many fans wondered if they had finally decided to seal the deal.

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(Photo: Instagram / @megryan)

"ENGAGED!" Ryan captioned an Instagram photo of a cute stick-figure illustration of the couple.

Ryan and the "Jack and Diane" singer initially began dating in 2011 following Mellencamp's split from his ex-wife, model Elaine Irwin, whom he had been married to for 18 years.

Ryan and Mellencamp decided to part ways in 2014 after the long-distance relationship took its toll.

"It was the distance," a source told PEOPLE at the time. "She lives in New York and he resides in Indiana. It was the long distance that ultimately was the cause."

Mellencamp opened up about his dislike of New York City, telling Rolling Stone in December 2013 that he is "too sensitive to live there."

"I can't see poor people. I can't stand the suffering. I can't see the trash on the streets," he said. He added that he doesn't like the paparazzi attention Ryan gets there and said, "I'm not leaving Indiana. I'm going to die here."

In June 2017, they had rekindled their relationship and were seen at the Art Cliff Diner in Martha's Vineyard. A month later, a source confirmed that they were dating.

This year, they were spotted around Daufuskie Island, South Carolina, where Mellencamp owns a home.

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Just like Mellencamp, this will not be Ryan's first marriage. She was previously married to actor Dennis Quaid, with whom she shares a son. The couple finalized their divorce in 2001. Previously, she had also been linked to Russell Crowe.

In addition to Mellencamp's ex-wife Irwin, he has also been married to Priscilla Esterline from 1970 to 1981, and Victoria Granucci, whom he divorced in 1989. He shares five children from his previous marriages.