A source close to the duo told Us Weekly that it was a "recent engagement".
Fans are also convinced a ring Ariana was wearing on that finger during her performance at the 2018 iHeartRadio Wango Tango by AT&T on 2 June is her engagement ring.
Pete and Ariana have been posting pictures of each other on Instagram since late May.
Since Davidson is said to have popped the question last week, and sources said that "all I know about the ring is that it's big", it definitely appears to match up.
Since then, they have been sharing multiple loved-up posts - and Davidson even got two tattoos dedicated to the singer. "Their friends are really excited and supportive".
The insider continued, "They are both constantly making each other laugh". "Their moms have met".
Ariana Grande cryptically tweeted about her love for her fans amidst news breaking of her engagement to Pete Davidson, and it led to a back and forth where she confirmed that the rumors are totally true. Grande has since deleted the tweet.
Ari was allegedly engaged to Mac Miller until they split and she revealed that the rapper had many problems that she hid from the public.
Perhaps we'll get more answers on Grande's upcoming album Sweetener, set to be released this summer. He joined the long-running sketch show in 2014.