We had no doubt that any engagement ring Mariah Carey accepted these days would be nothing short of ridiculously huge, and if the rumors are true, we were right on.

MTV.com reports that Mimi and current squeeze, Nick Cannon, are engaged, and she's sporting a giant rock. The couple has been spotted holding hands twice (Wait, are we in fifth grade? Holding hands?), and then Carey was seen with the enormous rock on Saturday at a New York afterparty for her new film, Tennessee.

While we're not biting just yet, we are encouraged by Cannon's response to questions about the purported engagement. He positively danced around the answer, saying little more than how great he thinks she is and that, "Rumors happen. They just do." Especially when you give answers like that ..