A happy announcement for Australia's favourite new power couple.
James Packer, 48 has reportedly proposed to his sweetheart, Mariah Carey, 45 after nearly a year together.
E! Online reports the couple are engaged after James popped the question while visiting her hometown in Huntington, New York.
According to E! the engagement ring is a whopping 35 carats.
This is the third marriage for both members of the duo, with Mariah once married to Nick Cannon and Tommy Mottola, while James was married to Jodhi Meares and Erica Baxter.
Fairfax media has reportedly confirmed the reports to E!, however no date has been set for the big day just yet.
Mariah and James have been smitten with each other ever since they met in late 2014. The couple recently spent Christmas together with Mariah's kids in Aspen, before flying to Australia to bring in the New Year.
The couple has five kids between them - Mariah has twins, aged four, while James has three children.
The news comes soon after rival billionaire media mogul, Rupert Murdoch, announced his engagement to Jerry Hall.