John Mayer and Katy Perry are not engaged, despite reports to the contrary.

Katy fuelled speculation they were betrothed by wearing a giant diamond on her ring finger on Valentine’s Day.

But it looks like the couple haven’t taken the next step in their relationship just yet.

"It's not true. They are not engaged," a source told Us Weekly. Adds a second source: "It was a romantic Valentine's Day dinner for the two of them in a private spot but there was no proposal…the dinner was sweet but low-key."

Katy apparently only wore the ring for the night – when she was out shopping on Saturday, the jewel was absent from her finger.

While the couple may not yet be engaged, both seem completely besotted with one another.

"I’m just having a wonderful experience with a wonderful guy. There’s no rush," Katy told GQ magazine.

Their friends are also rooting for the pair, including music legend Stevie Nicks. According to the Fleetwood Mac star, John and Katy are perfect together.

“I just saw them on December 30 in Vegas, and that's where I dedicated Landslide to them,” she told Us Weekly.

“They seem to be a really great couple, and they seem to really care about each other. I am just hoping for the best for them. It would be great if that relationship really worked out and they were together forever.”

The musician believes both Katy, 29, and John, 36, have changed significantly since they first started dating in 2012.

Stevie is convinced despite the on-again-off-again status of their relationship, this time it will last.

“I think they're really good for each other. They're very different people, and that's the best way to go out with somebody,” Stevie said.