Despite Ring, Katy Perry & John Mayer Not Engaged

Katy Perry and John Mayer sent the rumor mill into overdrive when Katy emerged from the couple's Valentine's Day dinner at Vincenti Restaurant in Los Angeles sporting a heart-shaped ruby ring on her left hand.

But the two singers are not heading down the aisle, according to People magazine.

A source tells the magazine that despite the ring, the couple is "not engaged."  The ruby ring with a gold band was made by Daniel Gibbings, a jeweler and designer from Santa Barbara, California, which is Katy's hometown. John picked it out all by himself, a rep for Gibbings tells People, noting that the singer was "really super nice" while