Jennifer Lopez and Alex Rodriguez are engaged!

The former MLB player announced their engagement via Instagram on Saturday (March 9), sharing a photo of the music icon's stunning emerald-cut diamond engagement ring.

"She said yes," he captioned the photo, which Lopez shared on her own Instagram.

Lopez’s long-time manager Benny Medina and Rodriguez’s rep Ron Berkowitz confirmed the news to PEOPLE, revealing that Rodriguez popped the question while the pair were on vacation.

Another source told the publication that the two are currently on a romantic getaway in the Bahamas.

Rodriguez and Lopez's engagement news comes just a few weeks after the couple celebrated their 2-year anniversary in early February.

See photos of the pair on vacation, below: