A source close to the duo told Us Weekly that it was a "recent engagement".
Blonde bombshell Ariana was spotted wearing a ring at iHeartRadio and 102.7 KISSFM's Wango Tango concert in Los Angeles earlier this month.
"A source said recently: "[Ariana was in a] bad past relationship, and now she is with someone who appreciates her and makes her laugh and just makes her feel good.
A second source confirmed that there are no immediate wedding plans by saying, "They are a ideal fit. They are not rushing to get married", an insider reportedly told the outlet. "Their friends are really excited and supportive".
"I am but a Pete Davidson update acc stay tuned for more (pete follows/comments sumtimes)", Ariana wrote on her Instagram with a picture of the pair from the event.
They continued: "They both started talking about it this past weekend. They've been very public with their relationship on social media, and they are very in love".
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. The publication also reported in May of Davidson's split from on-again, off-again girlfriend, actress Cazzie David, the daughter of comedian Larry David. He joined the long-running sketch show in 2014.