This has sent the rumour mill into overdrive (again)...
Cheryl made a rare public appearance on Thursday night, having been invited to St James’s Palace to celebrate The Prince’s Trust Gala with the Prince of Wales.
Joining Dame Helen Mirren, the 34-year-old looked stunning in a floor-length black satin dress and a glitzy choker necklace.
The mum-of-one kept her glam simple, wearing her raven locks down with a sleek centre parting and neutral-toned makeup.
But there was something about her look that has got everyone talking – and that’s a sparkling rock on that finger.
It didn’t take long for eagle-eyed fans to notice the jewellery, with many speculating (once again) about whether boyfriend Liam Payne had got down on one knee.
You might remember that the former One Direction singer caused something of a frenzy when he referred to his lady as his ‘wife’ during an interview last year. But the pair later denied that they had tied the knot in secret.
Now, thanks to the addition of Chezza’s bling, the rumours have started again.
It has been said that Liam, 24, is keen to marry his beau at some point in the future. The couple are parents to their son, Bear, who was born in March.
We’ll be watching this space.