Access Hollywood is reporting that Mariah Carey and actor/rapper Nick Cannon are really engaged, according to a source. JayBird reported on Monday that Carey has been spotted out wearing a “gimme some attention” ring, because the diamond sparkler she’s flashing on her left hand doesn’t look like a typical engagement ring.

According to the NY Post, it’s an incredible $2.5 million rare pink and purple diamond 17 carat ring with a 10 carat center stone. Cannon is said to have bought it at Jacob & Co, and to have been spotted there several times.

Cannon, 27, skirted around the issue when asked if he and Mariah were engaged. He didn’t give a direct answer, saying “I can’t even know what to say. She’s probably the most festive, remarkable person I’ve ever met. Good friend… Rumors happen. They do.”

Now Access Hollywood claims that “a source close to Mariah” has confirmed the news that the self absorbed singer, 38, is engaged to the 11 years younger Cannon.

Cannon was engaged to Sports Illustrated swimsuit model Selita Ebanks last year, but called off their engagement. This will be his first marriage and Mariah’s second – if this news is true. They at least seem to be dating, and I bet Cannon is getting some benefits from all the high end lingerie Mariah keeps in a separate walk in closet.

You kind of assume Mariah’s too into herself to get married again, and she certainly doesn’t want children, but maybe she’s ready to settle down with someone who also enjoys outrageous extravagances.

Mariah Carey is shown oh-so-subtly smoothing back her hair to show off her enormous ring at the premiere of Tennessee on 4/26/08, thanks to PRPhotos. It’s hard to notice the ring though and I found myself staring at her cleavage.

Update: Perez Hilton reports that the ring Mariah Carey is wearing is the same one Cannon gave Selita Ebanks when they were engaged last year. Obviously he got it back. Guess The NY Post had the details wrong, or maybe one of Cannon’s camp leaked that story to make it seem like the ring was new.